Russia's SBER, 16 banks get nod to import gold

NEW DELHI/ MUMBAI: The Directorate General of Foreign Trade (DGFT) on Friday finally notified the list of banks eligible to import gold and silver - including Russia's SBER Bank for yellow metal - after it emerged that the absence of govt paperwork had resulted in bullion consignments getting held up.

In a note, Emkay Global said around five tonnes of gold and eight tonnes of silver were stuck at Indian customs. "DGFT hasn't renewed the list of banks that are allowed to import gold for FY27. So, even if gold has already arrived in India, it's literally stuck at customs," it said.

Some of the banks had stopped fresh orders in the absence of a govt notification. As reports of stuck consignments started emerging, DGFT swung into action to issue a notification allowing 15 banks to import gold and silver, starting April 1, while Union Bank of India and SBER Bank have been authorised to only import gold.

The inclusion of SBER Bank indicates that India is looking to ship gold from Russia and the bank, with a branch in India too, being used for payments.

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