Overview
- The Directorate General of Foreign Trade (DGFT) order issued Friday authorizes banks to import gold and silver from April 1, 2026 through March 31, 2029.
- The list covers majors such as State Bank of India, HDFC Bank and ICICI Bank, with 15 permitted to import both metals and Union Bank of India and SBER Bank restricted to gold.
- Banks had halted fresh orders after the previous approval expired on March 31, leaving more than 5 tonnes of gold and about 8 tonnes of silver stuck at Indian customs, according to trade sources.
- Reports of the halt knocked jewellery shares, with Kalyan Jewellers and Titan slipping as investors priced in supply risks and higher procurement costs.
- The new authorization should unlock stranded cargo and ease pressure before Akshaya Tritiya on April 19, though inventories were drawn down during the pause and dealers will watch local premiums.