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The Indian government has moved to clear a bottleneck in the metals market, formally authorizing 15 top-tier banks to resume gold and silver imports. The new directive from the Directorate General of Foreign Trade (DGFT) provides a three-year window for bullion operations. This ensures stability ahead of the peak wedding and festival season.

Three-Year Authorization

The DGFT has granted a multi-year permission valid from April 1, 2026, to March 31, 2029. This long-term mandate allows banks to streamline their procurement strategies without the uncertainty of year-end expiry delays that recently disrupted the market.

Banks authorized to import both gold and silver include:

• Public Sector: State Bank of India (SBI), Bank of India (BOI), Indian Overseas Bank, and Punjab National Bank (PNB).
• Private Sector: HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, RBL Bank, and Yes Bank.
• Foreign Banks: Industrial and Commercial Bank of China (ICBC) and Deutsche Bank.

Additionally, a separate category has been maintained for banks permitted to import only gold, which currently includes Union Bank of India and SBER Bank.

Customs Deadlock

The notification arrives just hours after reports confirmed that approximately 5 tons of gold and 8 tons of silver were stuck at Indian ports. Commercial banks had halted fresh orders earlier this month because the previous authorization expired on March 31. RBI-nominated banks could not legally clear consignments without the fresh DGFT order.

The sudden pause in imports had raised concerns over a supply crunch, particularly with the Akshaya Tritiya approaching on April 19.