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The government updated the list of banks authorized to import gold and silver for the fiscal year 2024-25. Eleven banks, including HDFC Bank and ICICI Bank, received authorization from the Reserve Bank of India (RBI) to import gold and silver from April 1, valid until March 31 next year.
IBJA has also requested the revenue department to charge the differential duty to Yes Bank in the interest of an orderly market.
Significant jump in the gold imports has lead to widening of the country's trade deficit, difference between imports and exports, to USD 21.38 billion during April-May this fiscal as against USD 9.91 billion in the year-ago period.
The significant jump in the gold imports has lead to widening of the country's trade deficit, difference between imports and exports, to USD 21.38 billion during April-May this fiscal as against USD 9.91 billion in the year-ago period.