India Tightens Silver Import Rules Amid Measures to Defend Rupee

India tightened rules for imports of silver, one of a number of measures to preserve foreign-exchange reserves and defend the rupee after the currency sank to an all-time low.

The import of silver bars is now “restricted” rather than “free,” the government said in a notification on Saturday. That means only shipments licensed by India’s Directorate General of Foreign Trade can be brought into the country. The changes will be effective immediately.

Prime Minister Narendra Modi’s government had already decided to more than double import tariffs on gold and silver in an attempt to curb demand, protect the rupee ...