A shocking news is coming out from the bullion market of India. India’s gold import has fallen to its lowest level in the last 30 years in the month of April. If the figures are to be believed, only 15 metric tonnes of gold has arrived in the country in this entire month. The most surprising thing is that this decline has not come due to lack of demand, but due to a tax dispute, which has spoiled the mathematics of the entire market.
Why did the gold consignment stop?
A large part of gold import in India comes through banks, but this time the banks have pulled out. The main reason for this was the sudden action by the Customs Department 3% IGST (Integrated Goods and Services Tax) There is demand. Industry experts say that when GST was implemented in 2017, banks were exempted from this tax. Now the banks are confused due to the sudden tax demand and they have stopped getting the gold consignments cleared from customs.
worst period in three decades
According to media reports, banks have cleared almost no gold from customs in April 2026. Although some gold has entered the country through the India International Bullion Exchange (IIBX), its quantity is like cumin in a camel’s mouth. If we look at last year’s figures, about 35 tonnes of gold was imported in April 2025, whereas in the financial year 2025-26, an average of 60 tonnes of gold has been imported every month. In such a situation, this figure of 15 tonnes represents the biggest decline in the last three decades.
Hands remained empty even on Akshaya Tritiya
Surprisingly, this year there was a big festival like Akshaya Tritiya in April, which is considered the most auspicious for buying gold. During this period, there is a huge demand for gold in the country, but due to tax disputes, there is not enough supply in the market. It is being told that the banks had already ordered the gold in view of the festival, but it is still stuck in the customs vault. According to an estimate, about 8 tonnes of gold is still lying waiting for clearance.
The reason behind this tough stance of the government
Experts believe that the reason behind this strictness of the government Trade Deficit There may be an intention to reduce. This year the Indian Rupee has been weak against Asian currencies, hence efforts are being made to strengthen the Rupee by curbing the import of gold. Along with this, refineries importing ‘gold dore’ (unfinished gold) are also facing difficulty in getting new licenses, due to which domestic refining has also been adversely affected.
Will your jewelery become expensive now?
Decrease in supply can have a direct impact on market prices. Although jewelers are now trying to raise gold through IIBX, the quantity available from there is very limited. If this tax dispute is not resolved soon and the gold stuck in customs does not come into the market, then there may be a shortage of gold and a huge jump in prices in the coming days.
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