The government of India has released the updated list of banks authorised to import gold and silver during the financial year 2024-25. The list entails 11 banks, including the State Bank of India, HDFC Bank Limited, ICICI Bank Limited, Punjab National Bank, Axis Bank, and Federal Bank Limited, authorised by the Reserve Bank of India to import gold and silver for 2024–25, effective April 1, 2024.
“List of banks authorised to import gold/silver…has been updated,” the Directorate General of Foreign Trade (DGFT) said in a public notice.
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List of 11 banks authorised by RBI to import Gold and Silver
According to information available on the Reserve Bank of India‘s website, the banks authorised to import Gold/Silver for FY 2024-25 include Axis Bank Limited, Federal Bank Limited, HDFC Bank Limited, Industrial and Commercial Bank of China Limited, ICICI Bank Limited, IndusInd Bank Limited, Indian Overseas Bank, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, Punjab National Bank, RBL Bank Limited, State Bank of India, Union Bank of India, and Yes Bank Limited.
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The said authorisation to import gold and silver for FY24-25 begins from April 1, 2024, and will be valid up to March 31 next year.
The authorisation for Indian Overseas Bank, Punjab National Bank, and Union Bank of India is only for the import of gold, as per the information available on the Reserve Bank of India’s official website.
Gold imports witnessed a surge of 38.76 per cent to $44 billion during April-February this fiscal year, while silver imports dropped 11.53 per cent to $4.62 billion during the same period, according to a PTI report.
Earlier on the March 13, 2024, the Union Government of India announced that gold imported by the Reserve Bank of India would be free from import duty and Agriculture Infrastructure Development Cess (AIDC). In general, gold imports are subject to a 15 per cent import duty, which includes a 5 per cent AIDC. Earlier in January, 2024 the government had raised the import duty on gold, silver, and precious metal coins to 15 per cent from 11 per cent.
