DGFT Public Notice: In a move to streamline precious metal trade, the Directorate General of Foreign Trade (DGFT) has officially updated the list of banking institutions authorized to import bullion into India. Under the new notification, 17 lenders have been cleared to handle imports starting April 1, 2026, with the authorization remaining valid until March 31, 2029.
The update, issued via Public Notice No. 4/2026-27, amends Appendix 4B of the Handbook of Procedures, 2023. This regulatory clarification follows recent reports of logistics bottlenecks where bullion consignments were reportedly held at customs pending this formal government notification.
Key Highlights of the Amendment
The DGFT has categorized the authorized banks into two distinct groups based on their permitted import scope:
Dual-Metal Authorization (Gold & Silver)
A total of 15 banks have been granted permission to import both gold and silver. This list includes major public and private sector players:
- Public Sector: State Bank of India (SBI), Bank of India, Indian Overseas Bank, and Punjab National Bank.
- Private Sector: Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, Yes Bank, Federal Bank, Karur Vysya Bank, and RBL Bank.
- Foreign Entities: Deutsche Bank and Industrial and Commercial Bank of China (ICBC).
Gold-Only Authorization
Two specific lenders have been restricted to the import of gold only:
- Union Bank of India
- SBER Bank
Regulatory Context
The decision was made by the Director General of Foreign Trade, Lav Agarwal, utilizing powers conferred under the Foreign Trade Policy (FTP) 2023.
“In exercise of the powers conferred under paragraph 1.03 & 2.04 of the Foreign Trade Policy, the Director General of Foreign Trade hereby makes the following amendments, for the period valid up to 31.03.2029,” the notice stated.
Why This Matters
The timely issuance of this list is critical for India’s jewelry and bullion industry. Previous delays in these notifications have historically led to “pauses” in import orders, affecting local premiums and supply chains. By providing a clear three-year window (2026–2029), the government aims to provide long-term stability for the banks and the markets they serve.
The new list ensures that the flow of precious metals into one of the world’s largest consuming nations remains uninterrupted by administrative hurdles.
FAQ’s
1. What has the DGFT announced in the latest update?
The Directorate General of Foreign Trade (DGFT) has revised its list of banking institutions authorized to import bullion, officially permitting 17 banks to handle gold and silver imports into India. This authorization will be effective from April 1, 2026, and remain valid until March 31, 2029, ensuring a structured framework for precious metal imports.
2. How many banks have been approved and which metals can they import?
A total of 17 banks have been approved under the new notification. Out of these, 15 banks are allowed to import both gold and silver, while 2 banks have been restricted to importing only gold, based on DGFT’s classification of import permissions.
3. Why was this DGFT notification issued?
The notification was issued to streamline the import process of bullion and resolve operational issues at customs. In recent months, bullion consignments faced delays due to the absence of updated authorization lists, which led to temporary bottlenecks in the supply chain.
4. What is the duration of this new authorization?
The authorization granted to the 17 banks will be valid for a three-year period, starting from April 1, 2026, and ending on March 31, 2029. This long-term validity is aimed at providing stability and predictability for banks, importers, and the bullion trade ecosystem.
5. Which regulation was amended for this change?
The DGFT implemented this update through Public Notice No. 4/2026-27, which amends Appendix 4B of the Handbook of Procedures, 2023. The amendment was issued under the powers granted by the Foreign Trade Policy, ensuring legal and procedural clarity for bullion imports.
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