DGFT authorizes 17 banks for import of precious metals

What Happened

The Directorate General of Foreign Trade authorized 17 banks Friday to import precious metals through March 2029. Union Bank of India and SBER Bank import only gold, while 15 others including SBI, Axis, HDFC, and Deutsche Bank import gold and silver. Indian Overseas Bank expanded permissions from gold-only to both metals. Precious metal imports are regulated due to macroeconomic implications and current account deficit impacts.

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