15 banks get new license to import gold and silver:SBI, PNB HDFC Bank included in the list

The central government has granted permission to 15 major banks in the country to import gold and silver until March 31, 2029. This list includes big names like State Bank of India (SBI), Punjab National Bank (PNB), and HDFC Bank. This approval came into effect from April 1, 2026. The Directorate General of Foreign Trade (DGFT), which comes under the Commerce Ministry, has issued a notification providing this information. New list came before Akshaya Tritiya This decision was taken just before Akshaya Tritiya, which falls on April 19, 2026. In India, Akshaya Tritiya is considered the biggest occasion for buying gold, apart from the wedding season. The share of this festival in retail sales is around 15% to 20%. Due to the decline in prices over the past few weeks, analysts are considering this a good opportunity for buyers. There was a stir after the Reuters report Earlier, a report had claimed that banks had stopped orders for gold and silver due to the absence of government notification. Due to this, consignments were stuck at customs. After this news, jewellery company shares witnessed a sharp decline on Friday. Kalyan Jewellers’ share fell by 6% and Titan’s share dropped by up to 3%. Meanwhile, government trading company MMTC’s shares surged by 16%. On the other hand, gold and silver prices declined in the bullion market. Three major benefits for the common man Will Help Control Trade Deficit India is one of the largest consumers of gold in the world. According to the World Gold Council, gold demand in India fell to 710.9 metric tons in 2025, which is a 5-year low. Due to rising oil and gas prices because of the Iran conflict, there are concerns that India’s import bill will increase. In such a situation, the government is regulating to control the trade deficit. Will help in stopping illegal trade of gold and silver This step by DGFT will bring clarity to the bullion trade for the next 3 years. This will help jewelers, refiners and institutional buyers in maintaining the supply chain. The government’s objective is to bring gold and silver imports through regulated channels, so that transparency is maintained and illegal trade is curbed. Crores worth of gold and silver was stuck due to delay in notification For the past few days, there has been difficulty in the arrival of new consignments of gold and silver in the country. According to media reports, banks had stopped placing new orders due to the government not issuing a formal notification. The consignments that had already reached India were also stuck at ports due to not receiving custom clearance. Actually, the previous official order had expired on March 31, 2026. The delay in issuing the new list had created fear among jewelers and dealers that this could reduce supply in the domestic market and prices could increase. Knowledge Part: What is DGFT? Directorate General of Foreign Trade (DGFT) is an attached office of the Ministry of Commerce and Industry. Its main function is to formulate and implement policies related to foreign trade, such as Export-Import (EXIM) Policy.