India Authorizes Banks to Import Gold and Silver After Delays
Govt lists banks allowed to import gold, silver after delay disrupts flows
Business Standard
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India's Ministry of Commerce and Industry has authorized 15 banks, including State Bank of India and HDFC Bank, to import gold and silver after a delay caused disruptions in customs clearance. Over 5 metric tons of gold and 8 metric tons of silver were held up pending this order, which is valid from April 1, 2026, to March 31, 2029.
- 01India's Ministry of Commerce and Industry issued an order authorizing banks to import gold and silver.
- 02The order comes after delays that left over 5 metric tons of gold and 8 metric tons of silver stuck at customs.
- 03Fifteen banks, including major players like State Bank of India and HDFC Bank, are permitted to import these metals.
- 04The order is effective from April 1, 2026, to March 31, 2029.
- 05Union Bank of India and SBER Bank are allowed to import only gold.
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On Friday, India's Ministry of Commerce and Industry issued an order listing 15 banks authorized to import gold and silver, alleviating a backlog caused by the delay in publishing the list. Reports indicated that over 5 metric tons of gold and 8 metric tons of silver were stuck at customs awaiting clearance. The order, authorized by the Reserve Bank of India, allows banks such as the State Bank of India, HDFC Bank, and Bank of India to import both metals from April 1, 2026, to March 31, 2029. Additionally, Union Bank of India and SBER Bank are permitted to import only gold. No comments were made by the banks regarding the situation, but a dealer in Mumbai indicated that the clearance of consignments would now proceed.
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The clearance of gold and silver imports will stabilize the market and ensure that dealers and banks can meet demand without further delays.
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