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The Central Government has granted permission to 15 major banks—including the State Bank of India, Axis Bank, HDFC Bank, and Bank of India—to import gold and silver for the period spanning from April 1, 2026, to March 31, 2029. However, during this specific period, only the Union Bank of India and Sberbank have been specifically authorized to import gold exclusively.

Earlier, reports had emerged that Indian banks had halted import orders for gold and silver due to a lack of government approval, resulting in several consignments being held up at customs. Following this news, the shares of jewelry companies such as Kalyan Jewellers and Titan Company witnessed a decline. Kalyan Jewellers' stock fell by approximately 6% to ₹415, while Titan dropped by about 3% to reach ₹4,330. Conversely, shares of the state-owned trading company, MMTC, surged by nearly 16%.

**Gold Demand**
Experts believe that subdued demand for gold and silver in India could exert downward pressure on global prices. This could potentially help reduce the country's trade deficit and also provide support to the Rupee, which has been among the worst-performing currencies in Asia this year. According to the World Gold Council, India's gold demand in 2025 declined to 710.9 tonnes—the lowest level recorded in the last five years. Existing stocks are also depleting rapidly, and the market is now receiving supply primarily through sell-offs from ETFs (Exchange Traded Funds). According to analysts, rising tensions involving Iran are driving up the costs of oil, gas, and fertilizers, which could potentially inflate India's import bill. Against this backdrop, the government has decided to slow down the import of gold and silver in an effort to keep the trade deficit under control. 

These banks have received approval:
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

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