The government has authorised 15 banks to import gold and silver until March 2029, a move aimed at ensuring steady supply of precious metals for domestic demand and industrial requirements, according to official sources.
The extended approval window is expected to provide greater stability to import operations and improve planning certainty for banks engaged in bullion trade. The measure also supports jewellery manufacturers, exporters, and bullion traders who depend on consistent availability of imported precious metals.
Banks permitted under the arrangement will facilitate imports in line with existing trade and regulatory guidelines, helping streamline the flow of gold and silver into India’s domestic market. Industry participants said the decision could help reduce supply bottlenecks during periods of high demand, particularly during festive and wedding seasons.
India remains one of the world’s largest consumers of gold, with demand driven by jewellery purchases, investment demand, and cultural factors. Silver imports are also rising, supported by industrial use and growing investment interest.
Market experts said the long-term approval framework could improve operational efficiency in bullion imports while ensuring better price stability and supply management across the value chain.