This public notice issued by the Directorate General of Foreign Trade (DGFT) updates the list of banks authorized by the Reserve Bank of India (RBI) to import gold and/or silver for the financial year 2024-25, as outlined in Appendix 4B of the Handbook of Procedures, 2023.
Key Changes
The notification provides two lists of banks authorized for import during the financial year 2024-25 (April 1, 2024, to March 31, 2025).
List A includes 11 banks authorized to import both gold and silver: Axis Bank Limited, Federal Bank Limited, HDFC Bank Limited, Industrial and Commercial Bank of China Limited, ICICI Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, RBL Bank Limited, State Bank of India, and Yes Bank Limited.
List B includes 3 banks authorized to import only gold: Indian Overseas Bank, Punjab National Bank, and Union Bank of India.
The updated lists are effective from April 1, 2024, and valid until March 31, 2025.
Impact Analysis
Impact on Banks
Banks should update their internal processes and systems to reflect the updated list of authorized entities.
Impact on Importers/Traders
Importers need to stay informed about any further amendments or updates to the Foreign Trade Policy and related regulations.
Suggested Action Items
DGFT: Monitor the implementation of the notification and address any queries or concerns from stakeholders.
Key Entities Referenced
Directorate General of Foreign Trade (DGFT): The issuing authority for this public notice, responsible for implementing the Foreign Trade Policy.
Reserve Bank of India (RBI): The central bank of India, responsible for authorizing banks to import gold and silver.
Foreign Trade Policy (FTP), 2023: The overarching policy framework governing import and export activities in India. The notification is issued in exercise of powers conferred under paragraph 1.03 & 2.04 of the FTP 2023.
Handbook of Procedures, 2023: A document providing detailed procedures and guidelines related to the Foreign Trade Policy. Appendix 4B of this handbook contains the list of authorized banks.
Appendix 4B of Handbook of Procedures, 2023: Contains the list of banks authorized to import gold and/or silver.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-28032024-253441
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असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
PUBLIC NOTICE
New Delhi, the 28th March, 2024
No. 54 / 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 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.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.