India issued an order on Friday listing banks authorised to import gold and silver, providing relief for banks that were forced to halt imports because the list's publication was delayed. Reuters reported earlier on Friday that more than 5 metric tons of gold and around 8 metric tons of silver were stuck without customs clearance pending the order, which is typically issued at the start of each financial year.

The Directorate General of Foreign Trade, part of the Ministry of Commerce and Industry, which issued the order on Friday, did not give any reason for the delay.

Authorised by the Reserve Bank of India, the order permits 15 banks, including the State Bank of India, HDFC Bank, , Bank of India to import both gold and silver from April 1, 2026, to March 31, 2029.

It also allows Union Bank of India and SBER Bank to import only gold.

None of the banks made any public comment.

A Mumbai-based dealer with a private bank, speaking on condition of anonymity, said banks would now be able to clear consignments from customs.

Indian banks have halted gold and silver import orders from overseas suppliers, with tons of the metals stuck at customs as a formal government order has not been issued authorising bullion imports, trade sources said.

Without fresh imports, India could face supply shortages, as the world's second-largest gold consumer and biggest silver buyer relies on overseas purchases to meet nearly all its demand.

Weak Indian demand could weigh on global gold and silver prices, while narrowing the country's trade deficit and supporting the rupee, which has been among the worst-performing Asian currencies so far this year.

India's gold demand in 2025 fell to 710.9 metric tons, the lowest level in five years, according to the World Gold Council.

Gold and silver inventories from previous months' imports are experiencing drawdowns, with the market now relying on sales from exchange-traded funds, which are seeing redemptions, the sources said.

"There is a need to bring clarity and ensure imports resume," said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

Without imports, supply shortages will emerge and premiums will rise after Akshaya Tritiya, Mehta said, referring to the second-largest gold-buying festival in India.

As the Iran conflict has pushed up prices of oil, gas and fertiliser, India's import bill is likely to rise in April, which may have prompted the government to slow gold and silver imports to contain the trade deficit, said a bullion dealer in Kolkata.