The Government of India has issued a fresh notification allowing a selected group of banks to import gold and silver into India. This decision has been announced by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry.
The notification came into effect on April 1, 2026, and will remain valid until March 31, 2029. It has been issued under the Foreign Trade Policy 2023, which gives the government the authority to regulate the import of important goods.
Gold and silver are considered sensitive commodities in India. Because of this, their import is not open to all businesses. Instead, only selected banks are allowed to bring these metals into the country. This ensures that the process remains organised and under strict supervision.
The move is aimed at maintaining a controlled and transparent system for bullion imports.
List of 15 banks approved for gold and silver imports
The notification includes a list of 15 banks that have been authorised to import both gold and silver. These banks include a mix of private sector banks, public sector banks, and foreign banks.
The approved banks are Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank, State Bank of India, and Yes Bank.
These banks have been approved by the Reserve Bank of India to handle bullion imports. They will act as official channels for bringing gold and silver into India from global markets.
India advances AI ambitions with L&T-NVIDIA gigawatt data center partnership Mor
The presence of both domestic and international banks shows that India’s bullion trade involves a wide range of financial institutions.
Why gold and silver imports are strictly controlled
Gold imports play a major role in India’s economy. When large amounts of gold are imported, it increases the country’s spending on foreign goods. This can affect the overall financial balance.
To manage this, the government allows only selected banks to import bullion. This helps in monitoring how much gold and silver is entering the country.
These authorised banks import gold and silver in bulk. They then supply it to jewellers, traders, and other businesses across India. This ensures that the supply chain remains smooth and organised.
Another important reason for this system is to reduce illegal activities like smuggling. When imports are handled only by approved banks, it becomes easier to track transactions and ensure that proper taxes and duties are paid.
This regulated process helps maintain transparency and stability in the market.
United States targets Nicaragua’s gold industry with new sanctions on officials and firms
Announcement comes ahead of Akshaya Tritiya demand
The notification has been issued just before Akshaya Tritiya, which is one of the most important occasions for buying gold in India. On this day, people consider purchasing gold to be शुभ and a sign of prosperity.
During this period, demand for gold rises sharply across the country. Jewellers need a steady supply to meet customer demand. The government’s decision ensures that there is no shortage of gold and silver in the market.
By allowing these banks to import bullion, the supply chain remains stable during this high-demand season. This also helps in preventing sudden increases in prices that can happen when demand is high and supply is limited.
The notification also mentions that while many banks can import both gold and silver, some banks may have permission to import only gold. These permissions depend on regulatory approvals.
The updated list clearly defines which banks are authorised to import gold and silver into India for the next three years. These banks will continue to manage the flow of bullion into the country through regulated and official channels.
