gold Silver
The central government has given permission to 15 big banks including State Bank of India, Axis Bank, HDFC Bank and Bank of India to import gold and silver from April 1, 2026 to March 31, 2029. However, during this period, only Union Bank of India and Sberbank have been specifically given permission to import gold.
Earlier news had come that due to lack of government approval, Indian banks had stopped import orders of gold and silver, due to which many consignments were stuck at customs. After this news, shares of jewelery companies like Kalyan Jewelers and Titan Company fell. Shares of Kalyan Jewelers fell by about 6% to Rs 415, while Titan fell by about 3% to Rs 4,330. At the same time, shares of government trading company MMTC jumped by about 16%.
demand for gold
Experts believe that weak demand for gold and silver in India may put pressure on global prices. This can reduce the country's trade deficit and also support the rupee, which has been one of the weakest performing currencies in Asia this year. According to the World Gold Council, India's gold demand will decline to 710.9 tonnes in 2025, which is the lowest level in the last 5 years. Old stocks are also getting exhausted rapidly and now supply is coming into the market through selling from ETFs (Exchange Traded Funds). According to experts, due to tensions related to Iran, oil, gas and fertilizers are becoming expensive, due to which India's import bill may increase. In such a situation, the government has decided to slow down the import of gold and silver to control trade deficit.
These banks have got approval
- 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
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