Indian banks have been unable to import gold and silver for five weeks due to
customs delays, tax uncertainty and administrative bottlenecks, traders said,
disrupting supply in the world’s second-largest bullion market. Shipments have
been stuck since April 1, with delays linked to late approval of eligible
importers and pending customs clearance orders. The halt has pushed domestic
premiums above $20 an ounce and raised shortage risks as jewelers seek to
restock after the Akshaya Tritiya festival. Imports have continued only via the
India International Bullion Exchange, where volumes have surged, though the
process is slower and ties up capital.
