Silver Rate Today, May 17: White metal dropped after govt imposed curb on imports? Check city-wise prices

Silver Rate Today, May 17: Prices of precious metals such as silver are reeling under pressure in domestic and global markets amid continued geopolitical tensions. Although considered less expensive than gold, white metal is a choice for both investment and use in jewellery especially in those regions where these are being preferred as most common ornaments.

Meanwhile, the government on Saturday imposed new restrictions on the import of silver, under which several categories of this metal have been shifted from the "free" to the "restricted" import policy regime, according to official order.

Following the revised rules, the import of silver bars, raw silver, and semi-manufactured forms of silver (including silver in powder form) will now require mandatory government approval.

Certain categories of silver imports have also been brought under the purview of the Reserve Bank of India's regulations. These changes have been implemented through amendments made to the import policy schedule under the ITC (HS) classification.