Government Issues Fresh Order Allowing Banks To Resume Gold, Silver Imports

India has issued a fresh order listing banks authorised to import gold and silver, enabling the resumption of bullion imports after a delay had disrupted shipments, according to Reuters.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, released the order on April 17, allowing designated banks to import gold and silver from April 1, 2026, to March 31, 2029.

Delay Had Halted Imports

The absence of a new DGFT notification at the start of the financial year had forced banks to halt fresh import orders. 

Reuters reported earlier that more than 5 metric tons of gold and around 8 metric tons of silver were held up at customs without clearance during this period. The DGFT did not provide a reason for the delay in issuing the updated list of authorised banks.

Banks Authorised For Bullion Imports

The order permits 15 banks, authorised by the Reserve Bank of India, to import both gold and silver. These include State Bank of India, HDFC Bank, and Bank of India, among others.

In addition, Union Bank of India and SBER Bank have been allowed to import only gold under the revised framework. The authorisation is valid for a three-year period ending March 31, 2029.

Customs Clearance To Resume

The consignment backlog at the port can then be cleared after the notification by the banks. According to Reuters, the previous delay had resulted in an interruption in the regular importation of goods that were required in order to meet local needs.

It is essential to realize that India relies heavily on foreign purchases for its gold and silver imports.

Import System Restored

The issuance of the updated authorisation list restores the standard annual process through which banks are permitted to import bullion under RBI approval.

Now that the order has been issued, the process of imports will resume as per the rules and regulations, and all pending consignments will be able to clear customs without any further delay.