Government Allows 15 Banks to Import Gold and Silver Till March 2029
The government has authorised 15 major banks to import gold and silver for a three-year period from April 1, 2026 to March 31, 2029.
Top lenders including State Bank of India, HDFC Bank, and Bank of India are among those permitted to resume imports after delays caused by the absence of official approval.
Key Developments:
- Large quantities of bullion were stuck at customs, including over 5 tonnes of gold and around 8 tonnes of silver.
- Imports had slowed as banks awaited the annual notification from the Directorate General of Foreign Trade (DGFT).
- India depends heavily on imports as one of the world’s largest consumers of gold and silver.
Market Impact:
- The delay in imports had the potential to tighten domestic supply.
- Lower demand could ease global prices and help reduce India’s trade deficit.
- The move is also seen as part of efforts to support the rupee amid rising import costs.
Gold consumption in India fell to 710.9 tonnes in 2025, marking a five-year low, with markets relying more on existing inventories and ETF outflows.
The fresh approval is expected to normalize supply and stabilize the bullion market in the coming months.
