Indian banks halt precious metals imports amid government clearance delays.

Indian banks halt precious metals imports amid government clearance delays. More than five tons of gold and eight tons of silver remain stuck at customs as the Directorate General of Foreign Trade has not issued its annual authorization order for bullion imports. Banks have suspended new import orders from overseas suppliers, creating potential supply shortages in the world's second-largest gold consumer. The delay could benefit India's trade deficit and support the rupee, while weak domestic demand may pressure global gold and silver prices. Authorities have implemented various measures to reduce currency pressure, and refineries have been urged to curb spot dollar purchases. India typically receives annual import authorization in early April, but the directive remains pending.