DGFT Updates List Of Banks Authorized For Gold And Silver Imports Under Appendix 4B Of Handbook Of Procedures, 2023
In a recent development, the Directorate General of Foreign Trade (DGFT), operating under the Ministry of Commerce & Industry, Government of India, has released an updated list of banks authorized to import gold and silver under Appendix 4B of the Handbook of Procedures, 2023.Through Public Notice No. 28/2023, dated August 18, 2023, the DGFT has officially issued the revised list of banks,...
In a recent development, the Directorate General of Foreign Trade (DGFT), operating under the Ministry of Commerce & Industry, Government of India, has released an updated list of banks authorized to import gold and silver under Appendix 4B of the Handbook of Procedures, 2023.
Through Public Notice No. 28/2023, dated August 18, 2023, the DGFT has officially issued the revised list of banks, in accordance with the powers conferred under paragraph 1.03 & 2.04 of the Foreign Trade Policy (FTP), 2023, as amended periodically.
Part A: Banks Authorized to Import Both Gold and Silver
The updated list comprises 15 banks, authorized by the Reserve Bank of India (RBI) to import both gold and silver for the fiscal year 2023-24, with the validity of these authorizations extending up to March 31, 2024. Among the authorized banks are prominent names such as Axis Bank Limited, Bank of India, Federal Bank Limited, HDFC Bank Limited, and the Industrial and Commercial Bank of China Limited, among others. This authorization demonstrates the continued trust and confidence that these financial institutions have garnered in the realm of precious metal imports.
Part B: Banks Authorized to Import Only Gold
In this category, the sole bank authorized by the Reserve Bank of India (RBI) to import gold for the fiscal year 2023-24, valid up to March 31, 2024, is Bank of Baroda. The bank's exclusive authorization for gold imports underscores its specialized role in this particular aspect of the precious metals trade.