(Image source from: Cnbctv18.com)
On April 17, the government released a new announcement allowing 15 banks to bring in gold and silver from April 1, 2026, to March 31, 2029. This list features banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Yes Bank. The Directorate General of Foreign Trade (DGFT), which is part of the commerce ministry, published a notice updating the names of banks approved by the Reserve Bank of India to import gold and silver according to Appendix 4B of the Handbook of Procedures, 2023. According to the notice from April 17, 2026, the new list of banks for gold and silver imports is effective from April 1, 2026, and will last until March 31, 2029. In the announcement, the DGFT stated, “Using the powers given under paragraph 1.03 and 2.04 of the Foreign Trade Policy (FTP), 2023, which has been revised over time, the Director General of Foreign Trade makes the following changes in Parts A and B of Appendix 4B of the Handbook of Procedure, 2023. ”
Earlier on the same day, Reuters reported, citing trade sources, that Indian banks have halted orders for importing gold and silver from overseas suppliers, with large amounts of these metals stuck in customs due to the government's failure to issue an official order for bullion imports. The recent notice reveals that the list of banks allowed to import gold and silver now includes 15 institutions. Some of the major banks are Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, RBL Bank, SBI, and Yes Bank, among others. Additionally, the notice mentioned two banks, Union Bank of India and SBER Bank, which are authorized by the RBI to exclusively import gold. India ranks as the second-largest gold consumer and one of the largest silver buyers globally, heavily relying on imports to fulfill domestic needs. Any disruptions in bullion imports can tighten local supply, impact jewelers and traders, and affect local premiums.
This action follows reports by Reuters, citing sources, that Indian banks have stopped ordering gold and silver from overseas suppliers, with tons of these metals stalled at customs because the government had not issued an official order for bullion imports. The report states that without new imports, India might experience shortages, given that it is the world's second-largest consumer of gold and the largest buyer of silver, mostly depending on imports to satisfy demand. Reduced demand in India could lower global prices for gold and silver, decrease the country's trade deficit, and help the rupee, which has been one of the lowest-performing currencies in Asia this year.
Typically, the Directorate General of Foreign Trade (DGFT) releases an order at the beginning of each financial year listing the banks permitted by the Reserve Bank of India to import gold and silver. The most recent order, issued in April 2025, was valid until March 31, and the banks were waiting for a new directive from the DGFT. The newest DGFT announcement is anticipated to help ease customs clearances.
