India authorises 15 banks to import gold and silver for three years
Nominated banks' bullion import desks can resume customs clearances immediately
Change
India authorised 15 banks to import both gold and silver and two banks to import only gold, effective April 1, 2026 through March 31, 2029.
Why it matters
Customs will clear bullion shipments only when accompanied by current Directorate General of Foreign Trade (DGFT) import authorisations, so cargoes lacking that approval remain held at ports. Banks and their trade‑finance and procurement counterparties must produce the specific authorisation before funding, filing clearance, or scheduling deliveries to avoid continued detention and operational delays.
Implications
- — Nominated banks' bullion import desks and customs brokers — must present the DGFT import authorisation when filing customs clearance immediately — shipments filed without the approval will be held at ports and denied entry.
- — Trade finance teams at banks and importers — must condition disbursements on sighting the DGFT authorisation immediately — funds released for shipments lacking authorisation risk being tied to non‑clearable cargo until approval is produced.
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Source
Economic Times
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