BIG Relief Before Akshaya Tritiya! Govt Nods Gold, Silver Imports Via 15 Banks | What It Means For Buyers?

The Indian government, on Friday, April 17, permitted 15 major banks to import gold and silver for the period from April 1, 2026, to March 31, 2029. The move comes amid reports that nearly 5 tonnes of gold and 8 tonnes of silver were stuck without clearance, as banks had paused import orders while awaiting government approval.

State Bank of India, HDFC Bank, Bank of India, etc are among the 15 banks that received approval to handle bullion imports. Pending import approval could have led supply shortages and surge in premiums after Akshaya Tritiya, Reuters quoted Surendra Mehta, secretary at the India Bullion and Jewellers Association.

Centre Nods 15 Banks To Import Gold, Silver

The Commerce Ministry, on Friday, released the list of banks allowed to handle bullion imports, just ahead of Akshaya Tritiya. The move covers both gold and silver imports. T
The notification, issued by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, is effective from April 1, 2026, and will stay in force until March 31, 2029. It sets out amendments to the Foreign Trade Policy framework and clarifies which banks can import which precious metals.

In the order, the DGFT stated: "In exercise of the powers conferred under paragraph 1.03 & 2.04 of the Foreign Trade Policy (FTP), 2023, as amended from time to time, the Director General of Foreign Trade hereby makes the following amendments in Part A and B under Appendix 4B of Handbook of Procedure, 2023." This formal language underlines that the changes sit within the existing policy structure.

The updated list names 15 banks that the Reserve Bank of India has cleared to import both gold and silver. These are 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 and Yes Bank Limited.

What It Means For Jewellery Buyers?

As the DGFT notification comes into effect from April 1, the development is likely to strengthen the bullion supply chain as lakhs of people prepare to celebrate Akshaya Tritiya. Retail demand, however, still depends on how buyers react to current price levels and available discounts in the coming days. Akshaya Tritiya, the festival dedicated to eternal prosperity, good wealth and fortune, will be celebrated across the world on Sunday, April 19.