Govt updates list of banks authorised to import gold, silver during FY25

The government on Thursday updated the list of banks authorised to import gold and silver during 2024-25.

As per the list, 11 banks, including HDFC Bank and ICICI Bank, have been authorised by the Reserve Bank of India to import gold and silver for 2024-25 with effect from April 1.

The authorisation will be valid up to March 31 next year.

''List of banks authorised to import gold/silver...has been updated,'' the Directorate General of Foreign Trade (DGFT) said in a public notice.

Three banks -- Indian Overseas Bank, Punjab National Bank, and Union Bank of India -- have authorised by the RBI to import only gold for 2024-25 with effect from April 1 this year.

Gold imports rose 38.76 per cent to USD 44 billion during April-February this fiscal.

However, silver imports dipped 11.53 per cent to USD 4.62 billion during the period.

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