Indian banks halt gold imports over approval delays; tonnes stuck at customs ahead of Akshaya Tritiya: Report
Mint·3h ago·Concern
What Happened
Indian banks have halted gold and silver imports due to delayed government approvals from the Directorate General of Foreign Trade. The previous authorization expired March 31, and renewals remain pending. Several tonnes of precious metals are stuck at customs clearance. The disruption occurs ahead of Akshaya Tritiya, a major festive buying season, potentially affecting domestic supply and prices in Asia's second-largest gold consumer.
Key Entities
Indian banksDGFT (Directorate General of Foreign Trade)Gold importsSilver importsAkshaya TritiyaIndiaCustoms clearance