New Delhi. The central government has allowed 15 banks of the country to import gold and silver from the international market till March 31, 2029. Apart from these 15 banks, two banks have been allowed to import only gold.
The Directorate General of Foreign Trade (DGFT), which operates under the Commerce Ministry, has released an updated list of total 17 banks permitted to import gold and silver through a public notice.
Out of 17 banks included in this updated list of DGFT, 15 banks have been allowed to import both gold and silver shiny metals, while two banks can import only gold from the international market. They have not been allowed to import silver.
According to this updated list, State Bank of India, Punjab National Bank, Bank of India, Indian Overseas Bank, Axis Bank Limited, ICICI Bank Limited, HDFC Bank Limited, Yes Bank Limited, IndusInd Bank Limited.
Deutsche Bank, Federal Bank Ltd, Kotak Mahindra Bank, Karur Vysya Bank Ltd, RBL Bank Ltd and Industrial and Commercial Bank of China Ltd have been allowed to import both gold and silver metals from the international market.
Apart from this, Union Bank of India and SBER Bank have been allowed to import only gold from the international market. Both these banks cannot import silver.
Let us tell you that India has to depend on the international market to fulfill its requirement of shiny metals, both gold and silver. To control the import of these two shiny metals, the central government authorizes commercial banks operating in the country.
Gold and silver can be imported for the jewelery industry and bullion market only through banks authorized by the Central Government. After the release of the list of banks authorized to import gold and silver, the jewelery industry and bullion market get a lot of convenience, because with this, the direct import channel is fixed for them and no middleman plays any role.
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