Centre updates authorised bank list for gold, silver imports; 15 banks cleared till March 2029

The Directorate General of Foreign Trade (DGFT) has released a fresh public notice updating the list of banks authorised to import gold and silver in India, bringing clarity to bullion trade operations that had recently faced disruptions.

According to the public notice issued by DGFT under the Ministry of Commerce and Industry, and dated April 17 (as per the document), the revised authorisation will remain valid from April 1, 2026 to March 31, 2029.

15 banks allowed for gold and silver imports

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As per the notification, a total of 15 banks have been authorised by the Reserve Bank of India (RBI) to import both gold and silver. These include:

Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China (ICBC), ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank, State Bank of India, and Yes Bank.

Separate approval for gold imports only

In addition, two banks have been permitted to import only gold:

Union Bank of India and SBER Bank.

The DGFT stated that the list has been updated under Appendix 4B of the Handbook of Procedures, 2023.

Indian banks halt gold and silver imports amid regulatory delay

This move comes in view of the disruption seen in the process of importing bullion, as Indian banks have stopped importing gold and silver due to delays in receiving directives from the government. This delay has been further worsened by problems at the customs level, resulting in the accumulation of ships at ports.

Customs bottlenecks and temporary disruption

According to industry sources, around 5 metric tonnes (MT) of gold and 8 MT of silver were stuck due to procedural bottlenecks and clearance delays.

The India Bullion and Jewellers Association (IBJA) has also commented on the current scenario, where industry players have raised issues regarding the uncertainties in importing operations.

In addition, reports suggest that applications for gold doré import by refiners have been rejected during this period, adding to supply-side pressures in the bullion market.

Here are 10 FAQs based on the subject:

1) What has DGFT announced recently regarding gold and silver imports?

DGFT has issued a fresh public notice updating the list of banks authorised to import gold and silver in India.

2) What is the validity period of the updated authorisation?

The revised authorisation is valid from April 1, 2026, to March 31, 2029.

3) How many banks are authorised to import gold and silver?

A total of 15 banks have been authorised to import both gold and silver.

4) Which banks are allowed to import both gold and silver?

Banks include SBI, HDFC Bank, ICICI Bank, Axis Bank, PNB, Kotak Mahindra Bank, and others listed in the DGFT notice.

5) Which banks are allowed to import only gold?

Union Bank of India and SBER Bank are permitted to import only gold.

6) Under which document has the list been updated?

The list has been updated under Appendix 4B of the Handbook of Procedures, 2023.

7) Why was this update necessary?

The update was made to bring clarity to bullion trade operations amid recent disruptions in imports.

8) What problems caused disruption in bullion imports?

Delays in government directives and customs clearance issues caused disruptions in imports.

9) How many tonnes of gold and silver were stuck due to delays?

About 5 tonnes of gold and 8 tonnes of silver were reported to be stuck owing to procedure delays.

10) What was the impact of the disruption on the bullion market?

There were pressures from the supply side, uncertainties during imports, and concerns expressed by trade organisations such as the India Bullion and Jewellers Association (IBJA).