Government Authorizes Major Banks for Gold and Silver Imports Until 2029
New Import Authorization for Precious Metals
The Indian government has granted permission to 15 leading banks, including the State Bank of India, HDFC Bank, and Bank of India, to import gold and silver from April 1, 2026, to March 31, 2029, as reported by a news agency citing an official notification released on Friday. Notably, only Union Bank of India and Sberbank have been designated to import gold exclusively during this timeframe, according to a separate report.
Previous reports indicated that several tonnes of precious metals are currently stuck at ports, unable to clear customs. Typically, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry issues an annual notification permitting banks to import bullion. The previous authorization expired on March 31, and a new directive was issued following the recent report.
Trade insiders have mentioned that over 5 tonnes of gold and approximately 8 tonnes of silver are currently awaiting customs clearance. A bullion dealer commented, "There is no point in placing new orders when earlier consignments cannot be cleared."
Authorized Banks for Gold and Silver Imports
Here is the list of banks permitted to import gold and silver:
- Axis Bank Limited
- Bank of India
- Deutsche Bank
- Federal Bank Limited
- HDFC Bank Limited
- Industrial and Commercial Bank of China Limited
- ICICI Bank Limited
- IndusInd Bank Limited
- Indian Overseas Bank
- Kotak Mahindra Bank Limited
- Karur Vysya Bank Limited
- Punjab National Bank
- RBL Bank Limited
- State Bank of India
- Yes Bank Limited
Banks Authorized to Import Only Gold
Union Bank of India and Sberbank are the only banks authorized to import gold.
Impact of Geopolitical Factors on Precious Metal Prices
Geopolitical tensions, particularly between nations like Iran and the United States, significantly affect gold and silver prices. In times of conflict or uncertainty, investors often turn to these metals as safe-haven assets, leading to increased demand and rising prices. Conversely, volatile situations can create price instability, resulting in sudden fluctuations. Consequently, investors are cautious, carefully assessing potential gains against the risks associated with ongoing global tensions.