INDIA issued an order yesterday listing banks authorised to import gold and silver, providing relief for banks that were forced to halt imports because the list’s publication was delayed.
Reuters reported earlier yesterday that more than 5 metric tonnes of gold and around 8 metric tonnes of silver were stuck without customs clearance pending the order, which is typically issued at the start of each financial year.
The Directorate General of Foreign Trade, part of the Ministry of Commerce and Industry, which issued the order yesterday, did not give any reason for the delay.
Authorised by the Reserve Bank of India, the order permits 15 banks, including the State Bank of India, HDFC Bank and Bank of India, to import both gold and silver from April 1, 2026, to March 31, 2029.
It also allows Union Bank of India and SBER Bank to import only gold.
None of the banks made any public comment.
A Mumbai-based dealer with a private bank, speaking on condition of anonymity, said banks would now be able to clear consignments from customs.
Weak Indian demand could weigh on global gold and silver prices, while narrowing the country’s trade deficit and supporting the rupee, which has been among the worst-performing Asian currencies so far this year.
Gold and silver inventories from previous months’ imports are experiencing drawdowns, with the market now relying on sales from exchange-traded funds, which are seeing redemptions, sources told Reuters.
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