Ahead of Akshaya Tritiya, the central government on Friday released a notification on gold and silver imports, issuing a list of banks to handle bullion imports.

The notification, issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, came into effect from April 1, 2026, and will remain valid until March 31, 2029.

“In exercise of the powers conferred under paragraph 1.03 & 2.04 of the Foreign Trade Policy (FTP), 2023, as amended from time to time, the Director General of Foreign Trade hereby makes the following amendments in Part A and B under Appendix 4B of the Handbook of Procedure, 2023,” the DGFT said in its notification.

As per the updated list, 15 banks approved by the Reserve Bank of India have been authorised to import both gold and silver. These include Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank, State Bank of India, and Yes Bank.

Additionally, Union Bank of India and SBER Bank have been authorised to import only gold.

The move follows reports of delays in bullion imports as banks were awaiting fresh government authorisation, which had led to temporary supply bottlenecks in the market.

The timing of the notification is significant, coming just ahead of Akshaya Tritiya, one of the most important gold-buying occasions in India, which falls on April 19 this year. The festive period typically accounts for 15–20% of annual retail jewellery sales.

According to a recent commodities insight report by Motilal Oswal Financial Services, gold prices have risen nearly 10% so far in 2026, even as the journey remains volatile with sharp swings through the first quarter.

Citing data from the World Gold Council, the report states that central banks purchased around 860–870 tonnes of gold in 2025, marking continued strong buying, though at a slower pace than previous years. At the same time, global ETF demand has seen a recovery after earlier outflows, with mixed but constructive trends continuing into 2026.

The report also highlights that gold is currently being driven by multiple global factors, including geopolitical tensions, concerns around slowing economic growth, and uncertainty around interest rate movements in the United States. While these factors are supporting gold’s safe-haven appeal, periods of a stronger dollar and elevated bond yields have created intermittent pressure, resulting in a non-linear price trajectory.

“Gold is currently navigating a complex global environment. While there are phases of pressure due to interest rate expectations and currency strength, the broader outlook remains supported by uncertainty, inflation concerns, and long-term investment demand. For Indian investors, gold continues to serve as a reliable store of value, especially during periods of volatility,” said Navneet Damani, Head of Research – Commodities, Motilal Oswal Financial Services.