New Delhi: The Centre has authorised 15 major banks, including State Bank of India, HDFC Bank and Bank of India, to import gold and silver between April 1, 2026 and March 31, 2029. The move comes as part of a fresh notification aimed at streamlining bullion imports and addressing supply disruptions.
According to reports, the decision follows delays caused by the expiry of the previous directive on March 31, which had temporarily halted the clearance of precious metal consignments at ports.
List of banks authorised for bullion imports
The government has permitted 15 banks to import gold and silver during the three-year period. While the full official list includes several leading public and private sector banks, key names include:
State Bank of India
HDFC Bank
Bank of India
Union Bank of India
Yes Bank
Additionally, reports indicate that Union Bank of India and Sberbank have been granted exclusive permission to import only gold under a separate arrangement.
Delay in approvals led to shipment backlog
The latest notification comes after concerns were raised by bullion traders over delays in approvals. Earlier, consignments of precious metals were reportedly stuck at Indian ports due to the absence of a valid import authorisation.
Industry sources suggested that more than 5 tonnes of gold and around 8 tonnes of silver were awaiting customs clearance during the interim period. Traders expressed hesitation in placing new orders amid regulatory uncertainty.
The authorisation process is typically managed by the Directorate General of Foreign Trade (DGFT), which operates under the Ministry of Commerce and Industry and issues annual permissions for bullion imports.
Why the decision matters
Gold and silver imports play a crucial role in meeting domestic demand, particularly in India, where gold holds cultural and investment significance. Any disruption in supply can impact jewellery markets, pricing trends and investor sentiment.
By extending permissions until 2029, the government aims to provide stability and predictability to the bullion trade. This longer approval window is expected to reduce administrative delays and improve supply chain efficiency.
Geopolitical factors influencing prices
Global geopolitical developments continue to influence gold and silver prices. Tensions between countries such as Iran and the United States often drive investors towards these metals, which are considered safe-haven assets.
In times of uncertainty, increased demand tends to push prices higher. However, volatile geopolitical situations can also lead to sudden fluctuations, making the market unpredictable.
Experts note that investors typically adopt a cautious approach during such periods, balancing potential gains against the risks associated with global instability.
Conclusion
The Centre’s decision to allow 15 banks to import gold and silver until March 2029 is expected to ease supply bottlenecks and bring clarity to the bullion market. With regulatory hurdles addressed and a longer approval timeline in place, the move could stabilise imports and support both traders and investors amid global uncertainties.
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