Government Approves Gold and Silver Imports for 15 Major Banks Until 2029
The central government has granted permission to 15 major banks to import gold and silver from April 1, 2026, to March 31, 2029. This list includes prominent banks such as State Bank of India, HDFC Bank, and ICICI Bank.
Meanwhile, Union Bank of India and Sberbank have been allowed to import only gold during this period. This notification was issued by the Directorate General of Foreign Trade (DGFT). The government's move aims to organize and make the import of bullion (gold and silver) transparent.
Importing only through authorized banks will facilitate transaction monitoring and help curb irregularities. Authorized banks by the Reserve Bank of India (RBI) include Axis Bank, Bank of India, Deutsche Bank, Federal Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, Yes Bank, among others, which have been permitted to import both gold and silver. Meanwhile, India's gold imports fell to a nine-month low of $3.1 billion in March 2026.
In terms of volume, this was about 20-25 tons, significantly lower than the average of 62 tons over the past 12 months. According to the World Gold Council (WGC), this decline is attributed to reduced demand and supply disruptions from the Middle East, which is a crucial transit hub for India. There has been some improvement in gold prices in April.
Additionally, due to the decrease in imports and supply issues, discounts in the domestic market have also reduced. Listed jewelry companies performed well in the first quarter of 2026, benefiting from the wedding season, increased spending, and business expansion. Furthermore, investment in gold ETFs in India continued for the 11th consecutive month.
According to data from the Association of Mutual Funds in India (AMFI), there was a net investment of approximately ₹22.7 billion ($244 million) in ETFs in March 2026. The statement noted that investor interest in gold ETFs remains strong, and the increase in the number of accounts or folios indicates that this interest is growing, albeit slowly. The purchase of digital gold also remained robust, with approximately ₹30.3 billion worth of digital gold purchased through the Unified Payments Interface (UPI) in February, equivalent to about 1.9 tons in volume.
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