Introduction: A crucial development has emerged from the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. The DGFT has issued a Public Notice (No. 28/2023-DGFT) dated 18th August 2023, regarding amendments to Appendix 4B of the Handbook of Procedures, 2023. This notice pertains to the updated list of banks authorized by the Reserve Bank of India (RBI) for the import of gold and silver, specifying the validity period as well.
Also Read: Corrigendum to Public Notice no. 28/2023 dated 18.08.2023-reg
Analysis: The Public Notice introduces amendments to both Part A and Part B under Appendix 4B of the Handbook of Procedures, 2023. Part A presents the list of banks authorized by the Reserve Bank of India (RBI) to import both gold and silver for the fiscal year 2023-24, valid until March 31, 2024. This roster includes prominent names such as Axis Bank Limited, HDFC Bank Limited, State Bank of India, and more.
In contrast, Part B enlists banks authorized solely by the Reserve Bank of India (RBI) for importing gold during the same fiscal year, with validity up to March 31, 2024. Bank of Baroda is the exclusive name featured in this category.
The update signifies a dynamic approach by the DGFT and the RBI to regulate the import of precious metals, ensuring a controlled and transparent process. The notice reflects a clear intention to maintain a current and accurate record of authorized entities engaged in the import of gold and silver.
Conclusion: The issuance of Public Notice No. 28/2023-DGFT by the Directorate General of Foreign Trade (DGFT) holds substantial significance for those involved in the import of precious metals, particularly gold and silver. The updated list of banks authorized by the Reserve Bank of India (RBI) underscores the importance of adherence to regulations and the need for transparency in trade practices.
As the list of authorized banks evolves, industry stakeholders must remain vigilant and updated to ensure compliance with the latest regulations. This notice exemplifies the government’s commitment to maintaining a robust framework for import activities, safeguarding both the interests of authorized banks and the integrity of the import process for precious metals.
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Government of India
Ministry of Commerce and Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Public Notice No. 28/2023 -DGFT | Dated: 18th August, 2023
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 BANICS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT BOTH GOLD AND SILVER FOR FY 2023-24 VALID UPTO MARCH 31,2024
| 1. | Axis Bank Limited |
| 2. | Bank of India |
| 3. | Federal Bank Limited |
| 4. | HDFC Bank Limited |
| 5. | Industrial and Commercial Bank of China Limited |
| 6. | ICICI Bank Limited |
| 7. | IndusInd Bank Limited |
| 8. | Indian Overseas Bank |
| 9. | Kotak Mahindra Bank Limited |
| 0. | Karur Vysya Bank Limited |
| 1. | Punjab National Bank |
| 2. | RBL Bank Limited |
| 3. | State Bank of India |
| 4. | Union Bank of India |
| 5. | Yes Bank Limited |
B. LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT ONLY GOLD FOR FY 2023-24 VALID UPTO MARCH 31,2024
| 1. | Bank of Baroda |
Effect of this Public Notice:
List of banks authorised 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 Additional Secretary to Government of India
E-mail: dgftanic.in
(Issued from File No. 01/94/180/261/AMI8/PC-4)
