Gold and Silver Import Regulations Updated: 13 Banks Authorized for Nil Duty Rate Transactions Under Notification 50/2017-Customs

The GoI amended Notification No. 50/2017-Customs by modifying Lists 34A and 34B, specifying authorized banks for importing gold or silver at nil duty rate. List 34A now includes 13 banks such as Axis Bank, HDFC Bank, and SBI, while List 34B comprises Indian Overseas Bank and Union Bank of India. The amendment is effective from 1st April 2025 and valid until 31st March 2026, issued under powers conferred by sections 25(1) of Customs Act, 1962 and 3(12) of Customs Tariff Act, 1975, with the objective of facilitating regulated gold and silver imports through designated financial institutions. .....

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