Indian banks halt gold and silver imports due to delays
Indian banks halted gold and silver imports as the government delayed annual clearances. Tons of metal are stuck at customs, threatening local supply levels.
Financial institutions in India have reportedly suspended new orders for Gold and Silver from international suppliers. This halt comes as a result of a delay in a formal government directive required to authorize bullion imports for the new financial year. Consequently, several tons of precious metals are currently held at customs without the necessary clearance to enter the domestic market.
The Directorate General of Foreign Trade (DGFT) typically releases an annual order at the beginning of April, listing the banks permitted by the Reserve Bank of India to import these metals. The previous authorization expired on March 31, leaving banks waiting for a fresh mandate. Industry sources indicate that more than five tons of gold and approximately eight tons of silver are currently stranded at the border.
