There is good news for gold and silver importers. India has approved 15 banks to import both gold and silver, and to two banks to import gold exclusively. This approval will be valid for a period of three years, commencing from April 1, 2026. This clearance from the Directorate General of Foreign Trade (DGFT) comes more than ten days after the Reserve Bank of India (RBI) released its list of designated banks on April 6. Due to the delay in issuing this notification, banks had temporarily halted the import of these precious metals.

According to reports, in the absence of this order, consignments comprising over 5 metric tonnes of gold and approximately 8 metric tonnes of silver were held up awaiting customs clearance. This order is typically issued at the beginning of every financial year. The previous notification remained valid until March 31, 2026. An official associated with this development stated that this is a routine administrative order. It is possible that this matter went unnoticed as attention was focused on issues related to the ongoing conflict in West Asia.

A representative from the gems and jewelry industry noted that while this is a standard notification, it is essential because banks are prohibited from importing gold once their authorization period has expired. He further explained that following an order from the RBI, both the DGFT and the Customs Department are required to issue their respective notifications. The notification issued on Friday will remain valid until March 31, 2029. Customs officials confirmed that consignments of goods had been stalled due to the lack of clearance from the DGFT.

A senior official from the Mumbai-based Customs Department stated, "We had received clear instructions that clearance would be granted only after obtaining permission from the DGFT, and that no exceptions or relaxations would be made for consignments currently in transit." The official further added that a degree of confusion had arisen during Akshaya Tritiya—a period that typically witnesses the highest demand for gold and silver. Now that the DGFT order has been issued, the clearance process will be expedited on a priority basis. 

Here is the list of banks:
Axis Bank, Bank of India, Federal Bank, HDFC Bank, and the Industrial and Commercial Bank of China remain on the list of banks authorized to undertake imports. Bank of India, Deutsche Bank, Indian Overseas Bank, and Punjab National Bank—which were not included in the list of authorized banks last year—have now been added to this list. Union Bank of India and Russia's Sberbank have been granted permission to import gold only. An industry representative stated that while import authorizations were previously granted for a period of one year, they are now being granted for three years. This is a positive step.

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