The Directorate General of Foreign Trade (DGFT) has issued a public notice, amending Appendix 4B of the Handbook of Procedures, 2023. This amendment pertains to the list of banks authorized by the Reserve Bank of India (RBI) for importing gold and silver for the financial year 2024-25.
Authorized Banks for Gold and Silver Imports:
- The updated list includes banks authorized to import both gold and silver for FY 2024-25, as well as those authorized to import only gold.
- Notable banks like Axis Bank, HDFC Bank, and State Bank of India are authorized for both gold and silver imports.
- Banks like Indian Overseas Bank and Punjab National Bank are authorized for gold imports only.
Validity and Effect of the Update:
- The authorization is valid from April 1, 2024, to March 31, 2025.
- This update affects importers and traders dealing with gold and silver, ensuring compliance with the authorized banking channels.
Conclusion:
The DGFT’s update on authorized banks for gold and silver imports under Appendix 4B of the Handbook of Procedures, 2023, brings clarity and transparency to import procedures. Importers and traders must adhere to the updated list to facilitate smooth transactions within the specified validity period.
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
DIRECTORATE GENERAL OF FOREIGN TRADE)
Public Notice No. 54/2023-DGFT | Dated: 28th March, 2024
Subject: Amendment in Appendix 4B of Handbook of Procedures, 2023-reg.
F. No. 01/94/180/261/AM18/PC-4.—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 Handbook of Procedure, 2023:
A. LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT BOTH GOLD AND SILVER FOR FY 2024-25 WITH EFFECT FROM 01.04.2024 AND VALID UPTO 31.03.2025.
| Sl.. No. | Name of bank |
| 1 | Axis Bank Limited |
| 2 | Federal Bank Limited |
| 3 | HDFC Bank Limited |
| 4 | Industrial and Commercial Bank of China Limited |
| 5 | ICICI Bank Limited |
| 6 | IndusInd Bank Limited |
| 7 | Kotak Mahindra Bank Limited |
| 8 | Karur Vysya Bank Limited |
| 9 | RBL Bank Limited |
| 10 | State Bank of India |
| 11 | Yes Bank Limited |
B. LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT ONLY GOLD FOR FY 2024-25 WITH EFFECT FROM 01.04.2024 AND VALID UPTO 31.03.2025.
| Sl.. No. | Name of bank |
| 1 | Indian Overseas Bank |
| 2 | Punjab National Bank |
| 3 | Union Bank of India |
Effect of this Public Notice:
List of banks authorized to import gold/silver under Appendix 4B of Handbook of Procedures, 2023 has been updated.
SANTOSH KUMAR SARANGI, Director General of Foreign Trade Ex-officio Addl. Secy.
Can we as a pvt. ltd. company registered in GJEPC import gold bars for our self consumption in our jewellery mfg unit ? Kindly note that we are in DTA