India Authorizes 15 Banks for Gold and Silver Imports Until 2029
Govt Clears Gold, Silver Imports; DGFT Issues Fresh List of 15 Banks Till March 2029
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On April 17, 2026, the Indian government authorized 15 banks, including HDFC Bank and ICICI Bank, to import gold and silver until March 31, 2029. This decision comes after disruptions in bullion imports, which could impact local supply and prices, given India's status as the world's second-largest consumer of gold.
- 01The Indian government authorized 15 banks to import gold and silver until March 31, 2029.
- 02Major banks on the list include HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.
- 03The decision aims to resolve import disruptions that had left tons of metals stuck at customs.
- 04India relies heavily on imports to meet domestic demand for gold and silver.
- 05Disruptions in imports could affect local supplies and influence domestic prices.
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On April 17, 2026, the Indian government issued a notification allowing 15 banks to import gold and silver from April 1, 2026, to March 31, 2029. The list includes prominent banks such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. This decision by the Directorate General of Foreign Trade (DGFT) follows reports of disruptions in bullion imports, with tons of gold and silver stuck at customs due to a lack of formal authorization. India, being the world's second-largest consumer of gold and a major buyer of silver, relies heavily on imports to satisfy domestic demand. Any interruptions in these imports can lead to local supply shortages, affecting jewellers and traders, and potentially influencing domestic premiums. The new authorization is expected to normalize customs clearances and facilitate regular bullion import flows, helping to stabilize the market and support the Indian rupee, which has struggled this year.
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Resuming bullion imports is crucial for stabilizing local supply and prices in the Indian market, which could benefit jewellers and traders.
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