India's Gold and Silver Import Relief Sparks Movement
India has issued an order permitting banks to import gold and silver, resolving delays caused by the publication of an authorized list. The move unblocks over 5 metric tons of gold and 8 metric tons of silver that were stalled without customs clearance. The order is effective until March 2029.
In a move to ease tensions in the precious metals market, India issued a crucial order on Friday, allowing banks to resume imports of gold and silver.
The delay in publishing the list of authorized banks had previously halted imports, leading to more than 5 metric tons of gold and 8 metric tons of silver being held up at customs.
The Directorate General of Foreign Trade provided no explanation for the delay, but the order now permits 15 banks to import these metals, effective from April 1, 2026, to March 31, 2029. While banks have refrained from public comment, a Mumbai-based private bank dealer confirmed that consignments can now be cleared.
(With inputs from agencies.)
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