Government updates banks authorised for gold, silver imports in FY25

The government on Thursday announced the updated list of banks authorised to import gold and silver during the fiscal year 2024-25. The Reserve Bank of India (RBI) has granted authorisation to 11 banks, including prominent names such as HDFC Bank and ICICI Bank, to facilitate import of gold and silver starting from April 1.

The authorisation granted by the RBI to import these precious metals will remain valid until March 31 of the following year. In a public notice issued by the Directorate General of Foreign Trade (DGFT), the updated list of banks authorised for gold and silver imports has been made available to the public.

Among the authorized banks, three - Indian Overseas Bank, Punjab National Bank, and Union Bank of India - have been specifically authorised to import gold only for the fiscal year 2024-25, effective from April 1, 2024.

The announcement comes against the backdrop of a significant surge in gold imports, which rose by 38.76 per cent to $44 billion during the April-February period of the current fiscal year. In contrast, silver imports saw a decline of 11.53 per cent, amounting to $4.62 billion during the same period.

(With PTI inputs)