The Directorate General of Foreign Trade (DGFT) has updated the list of 15 banks authorized to import gold and silver till 2029.
The revision updates the list of banks authorized by the Reserve Bank of India (RBI) to import gold and silver into India.
The revised authorization will come into effect from April 1, 2026, and remain valid until March 31, 2029.
As per the updated list, the following 15 banks have been authorized to import both gold and silver: 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
Additionally, two banks have been permitted to import only gold: Union Bank of India and Sberbank
The notification has been issued under the powers conferred by paragraphs 1.03 and 2.04 of the Foreign Trade Policy (FTP), 2023. The DGFT periodically updates Appendix 4B to regulate the import of precious metals through designated banking channels, ensuring better monitoring and compliance with foreign trade norms.
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