Govt updates list of banks authorised to import gold, silver under Foreign Trade Policy

According to the notification issued by the Directorate General of Foreign Trade (DGFT), amendments have been made in Appendix 4B of the Handbook of Procedures, 2023, under the Foreign Trade Policy (FTP), 2023.

The revised list will come into effect from April 1, 2026, and will remain valid until March 31, 2029.

As per the notification, a total of 15 banks have been authorised by the Reserve Bank of India to import both gold and silver.

These include major public and private sector lenders such as Axis Bank Limited, Bank of India, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IndusInd Bank Limited, Indian Overseas Bank, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, Punjab National Bank, RBL Bank Limited, State Bank of India and Yes Bank Limited.

Deutsche Bank and Industrial and Commercial Bank of China Limited are also part of the authorised list.

In addition, two banks have been permitted to import only gold. These include Union Bank of India and SBER Bank.

The government stated that the update in the list is part of amendments carried out under the relevant provisions of the Foreign Trade Policy, aimed at regulating and streamlining imports of precious metals.

The notification clarified that the list of banks authorised to import gold and silver has been updated under Appendix 4B of the Handbook of Procedures, 2023.

The move is expected to ensure a structured and regulated framework for imports of gold and silver through designated banking channels.

The notification was issued by the Director General of Foreign Trade, who also serves as Ex-officio Additional Secretary to the Government of India. (ANI)