India Issues Delayed List for Gold and Silver Imports
India issued a delayed list of banks authorized to import gold and silver. This allows for the clearance of tons of precious metals held at customs since April.
India has issued a long-awaited directive listing the financial institutions authorized to import precious metals, providing relief to a sector that had seen imports grind to a halt. The Directorate General of Foreign Trade, operating under the Ministry of Commerce and Industry, released the order on Friday following a delay that had disrupted standard trade procedures typically established at the beginning of the financial year.
The administrative pause resulted in more than 5 metric tons of Gold and approximately 8 metric tons of Silver being held at customs without clearance. While the order has now been formalized, the government agency did not provide a specific reason for the delay in its publication.
