Gold & Silver Import Rules Updated: Government Authorises 15 Banks, Sets New Policy Till 2029
In a significant move aimed at regulating precious metal imports, the Government of India has released an updated list of banks authorized to import gold and silver. The new framework, issued by the Directorate General of Foreign Trade (DGFT) under the Commerce Ministry, will remain effective from April 1, 2026, to March 31, 2029.
This decision is expected to streamline import channels, improve transparency, and support the country’s bullion and jewellery industry.
15 Banks Cleared for Gold and Silver Imports
As per the latest notification, a total of 15 banks have been granted permission to import both gold and silver during the specified period. These banks will act as authorized channels for bringing precious metals into the country.
The approved banks include:
- Axis Bank Limited
- ICICI Bank Limited
- HDFC Bank Limited
- State Bank of India (SBI)
- Punjab National Bank
- Bank of India
- Yes Bank Limited
- IndusInd Bank Limited
- Deutsche Bank
- Federal Bank Limited
- Indian Overseas Bank
- Kotak Mahindra Bank
- Karur Vysya Bank Limited
- Industrial and Commercial Bank of China Limited
- RBL Bank Limited
These institutions will now play a crucial role in facilitating gold and silver imports, ensuring compliance with government norms and maintaining supply chains.
Two Banks Allowed Only Gold Imports
In addition to the above list, the government has also granted limited permission to two banks, allowing them to import only gold and not silver.
These banks are:
- Union Bank of India
- SBER Bank
This selective approval highlights a differentiated regulatory approach based on institutional capacity and compliance frameworks.
What Does the New Policy Mean?
The updated authorization is part of the government’s ongoing effort to manage the import of precious metals, which has a direct impact on the country’s trade balance and currency stability.
By restricting imports to a fixed set of banks:
- The government can better monitor inflows of gold and silver
- Risks related to illegal imports and misuse can be minimized
- Supply to jewellers and bullion dealers becomes more structured
Impact on Jewellery and Bullion Markets
Industry experts believe that the revised list will bring clarity and stability to the bullion market. With clearly defined import channels, jewellers and traders can plan procurement more efficiently.
The move is also expected to:
- Ensure steady availability of gold and silver
- Improve price discovery in domestic markets
- Strengthen regulatory oversight
Why This Update Matters
Gold and silver hold immense cultural and economic significance in India. From weddings to investments, demand for these metals remains consistently high. Therefore, regulating imports through authorized banks is essential to maintain a balance between demand, supply, and economic stability.
With this new list now in effect, all gold and silver imports into India must be routed only through these designated banks until March 2029.
Final Takeaway
The government’s latest decision to authorize specific banks for gold and silver imports marks a step toward tighter regulation and improved transparency in the bullion sector. For businesses and investors alike, understanding these changes is crucial, as they directly influence supply chains, pricing, and market dynamics.
Disclaimer: This article is for informational purposes only. Readers should refer to official government notifications or consult industry experts for detailed guidance.
