A bureaucratic lapse by the Directorate General of Foreign Trade (DGFT) led to tonnes of imported gold and silver being held up at Customs since April 1 - an error that could have resulted in prices of precious metals going up ahead of Akshaya Tritiya. The issue, however, was rectified on Friday after the government renewed the list of banks authorised to import precious metals for FY27.
Banks had permission to import gold and silver only until March 31, 2026. In the absence of a fresh notification, they halted import orders from overseas suppliers, resulting in a pile-up of consignments at ports.
According to media reports and economist estimates, around 5 tonne of gold and 8 tonnes of silver have remained stuck at Indian customs since April 1 due to the lack of a formal government order authorising bullion imports. The government, however, has not provided an official estimate. “It is difficult to give a consolidated figure right away because multiple cargoes are stuck across several ports,” a government source said.
Officials from DGFT and Customs, when contacted, sought to attribute the lapse to each other.
As per a notification issued by the Ministry of Commerce, 15 banks have been authorised to import both gold and silver, while two banks have been allowed to import only gold. The approval is effective from April 1, 2026, and will remain valid until March 31, 2029. The previous order, issued in April 2025, had expired on March 31, 2026.
The 15 banks permitted to import both metals include Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Punjab National Bank, ICICI Bank, IndusInd Bank, Indian Overseas Bank and Kotak Mahindra Bank, among others. Union Bank of India and Sberbank have been allowed to import only gold.
Importers other than those operating in special economic zones (SEZs) or export-oriented units (EOUs) will now require specific government licences to import precious metals. The rule has come into effect immediately, with no transition period, even for shipments already in transit.
With Akshaya Tritiya approaching and banks unable to import during the interim, concerns had mounted over a potential spike in domestic prices.
Madhavi Arora, chief economist at Emkay Global, said: “No fresh imports from banks and reduced inflows imply supply tightening, drawdowns from existing stocks and ETF redemptions. This could lead to higher domestic premiums, especially around Akshaya Tritiya.”