Indian banks have paused fresh gold and silver import orders as shipments remain stuck at customs due to the absence of a DGFT notification authorising bullion imports for the new financial year.
Over 5 tonnes of gold and around 8 tonnes of silver are awaiting clearance, raising concerns of potential supply tightness in the domestic market.
The disruption comes ahead of Akshaya Tritiya, a key gold-buying occasion, as prices remain elevated and global uncertainties continue to influence bullion demand.
The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued a fresh notification authorising banks to import gold and silver. The notification came into effect on April 1, 2026, and will remain valid until March 31, 2029.
“In exercise of the powers conferred under paragraphs 1.03 and 2.04 of the Foreign Trade Policy (FTP), 2023, as amended from time to time, the Director General of Foreign Trade hereby makes amendments in Part A and Part B under Appendix 4B of the Handbook of Procedure, 2023,” the DGFT said in the notification.
1 April 2026
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The updated list includes 15 banks approved by the Reserve Bank of India to import both gold and silver:
Axis Bank Limited
Bank of India
Deutsche Bank
Federal Bank Limited
HDFC Bank Limited
Industrial and Commercial Bank of China 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
Yes Bank Limited
Additionally, Union Bank of India and Sberbank have been authorised to import only gold.
The notification comes after a Reuters report on Friday highlighted delays in bullion imports, as banks had been awaiting fresh government authorisation at the start of the financial year.
The report stated that Indian banks paused fresh import orders for gold and silver as shipments of the precious metals remain stuck at customs due to the absence of a formal government notification permitting bullion imports.
India, being the world’s second-largest consumer of gold depends heavily on overseas supplies to meet domestic demand. Any prolonged disruption in imports could therefore lead to supply constraints in the domestic market. The instability and war in West Asia have raised further concerns of global supply chain surge in gold prices.
The DGFT issues an annual notification at the start of each financial year specifying the banks authorised by the Reserve Bank of India (RBI) to import gold and silver. The previous directive, issued in April 2025, remained valid until March 31, 2026.
Banks had expected the DGFT to release the notification in early April. Around eight tonnes of imported silver were also awaiting clearance, the report added.
The delay in the timing of the DGFT notification prompted banks to suspend new orders from international suppliers as placing additional orders makes little sense when previously imported consignments cannot be cleared.
Gold demand in India declined to 710.9 metric tonnes in 2025, marking the lowest level in five years, according to data from the World Gold Council.
Meanwhile, inventories from earlier imports are gradually being drawn down, with the market increasingly relying on sales from exchange-traded funds (ETFs), which are currently witnessing redemptions.
Following the news, the shares of Kalyan Jewellers India fell nearly 6% on Friday. Titan Company's shares too fell and were trading at Rs 4,415.90, down Rs 45.50 or 1.02%.
Gold Demand Ahead of Akshaya Tritiya
The supply concerns also come ahead of Akshaya Tritiya, traditionally considered an auspicious occasion for gold purchases. Since the previous Akshaya Tritiya in 2025, gold prices have surged nearly 60%, generating strong returns for investors.
On the Multi Commodity Exchange (MCX), gold prices have risen about 8% since the start of the year. Persistent inflation concerns and signals from recent US Federal Reserve minutes suggesting interest rates could remain higher for longer have added further uncertainty to the outlook for bullion demand. Gold thrives in a low-interest environment.
