India has authorized 15 banks to import both gold and silver, and two banks to import only gold, for three years starting April 1, 2026. According to reports from The Economic Times, the authorization from the Directorate General of Foreign Trade (DGFT) came more than 10 days after the Reserve Bank of India issued a list of nominated banks on April 6. The previous notification was valid until March 31, 2026, and the new authorization is valid until March 31, 2029. The DGFT typically issues this list at the start of each financial year, with the previous authorization issued in April 2025 having expired on March 31, 2026.
The delay in notification led to banks halting imports of precious metals, with more than 5 metric tonnes of gold and around 8 metric tonnes of silver stuck for customs clearance. As reported by The Economic Times, customs officials said shipments were stalled due to lack of DGFT clearance, with senior Mumbai-based customs officials stating that clearances were only to be given with DGFT approval. The timing was particularly significant as Akshaya Tritiya, a peak period for bullion demand, created additional confusion, though customs officials confirmed clearances will now be given on priority with the DGFT order. Shares of jewellery-makers like Kalyan Jewellers and Titan tumbled up to 6%, while those of India's largest PSU trading company, MMTC, rallied 16% on Friday after the Reuters report. Kalyan Jewellers shares tumbled nearly 6% to trade at ₹415.25 apiece, while Titan shares dropped nearly 3% to trade at ₹4,330 apiece.
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 continue to figure among the authorized banks. According to The Economic Times, Bank of India, Deutsche Bank, Indian Overseas Bank and Punjab National Bank, which were not among the authorized banks last year, are now added to the list. Union Bank of India and Russia's Sberbank are allowed to import only gold. An industry representative noted that earlier import authorizations used to be valid for one year but are now given for three years, describing this as a positive move.
India imported $84 billion of gold and silver in 2025-26, representing a 34% increase from 2024-25, with gold imports reaching $72 billion and silver imports at $12 billion. As reported by The Indian Express, gold ETF inflows accounted for 22% of all gold imports in January, while silver ETF inflows constituted 52% of silver imports. In January, Indians invested more in gold ETFs (₹24,040 crore) than equity mutual funds (₹24,029 crore) for the first time, with silver ETF inflows rising to ₹9,463 crore. A surge in prices of gold and silver led to heavy buying through ETFs in the second half of 2025-26, with the difference between domestic and international gold prices narrowing to around $8 per ounce in early April after trading at a sustained discount of $46 per ounce in March.
