The Directorate General of Foreign Trade (DGFT) has issued a fresh notification authorizing a specific list of banks to import bullion into India. This move resolves recent disruptions where gold and silver imports were reportedly stalled at customs due to the lack of a formal government order.
The new authorization is valid from April 1, 2026, to March 31, 2029, ensuring a stable regulatory framework for bullion imports over the next three years.
List of Authorized Banks
The DGFT, in coordination with the Reserve Bank of India (RBI), has cleared 15 banks for the import of both gold and silver:
- Axis Bank
- Bank of India
- Deutsche Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IndusInd Bank
- Kotak Mahindra Bank
- Punjab National Bank
- RBL Bank
- State Bank of India (SBI)
- Yes Bank
- (And three additional lenders as per the updated Appendix 4B)
Additionally, two banks have been authorized to import gold only:
- Union Bank of India
- SBER Bank
Why This Matters
India is the world’s second-largest consumer of gold and a major buyer of silver. Because the country relies heavily on international markets to meet domestic demand, the formalization of this list is crucial for several reasons:
- Supply Chain Stability: Resolves the immediate backlog of metal stuck at customs.
- Jewelry Industry Relief: Ensures that jewelers and traders have access to consistent local supplies.
- Market Premiums: Helps stabilize domestic price premiums which often spike during supply shortages.
Legislative Background
The notification was issued under the powers of the Foreign Trade Policy (FTP), 2023. Specifically, the amendments were made to Part A and B under Appendix 4B of the Handbook of Procedures, 2023, which governs the import of bullion by nominated agencies.