The DGFT’s latest amendments tighten gold‑silver import licensing, reshape documentation, and force freight forwarders to adapt fast to avoid costly delays.
Background: Why DGFT Is Revisiting Gold and Silver Imports
In early 2026 the Directorate General of Foreign Trade (DGFT) issued a circular that expands the list of banks authorised to handle gold and silver import letters of credit (LC) from 12 to 17. The move follows a Reuters report that several Indian banks had temporarily halted gold‑silver imports because of delayed government clearances. The new list, published on the DGFT portal, remains effective until the end of FY 2029, giving freight forwarders a clear horizon for compliance planning.
Simultaneously, the DGFT introduced stricter “Input‑Based” licensing for jewellers who import raw gold and silver for export‑oriented jewellery manufacturing. The rule mandates that each import must be linked to a pre‑approved export contract, a change from the earlier “general licence” approach that allowed bulk imports without immediate export linkage.
Operational Impact on Major Indian Ports
Our team monitors the flow of precious metal cargo through the country’s key gateways: Kolkata Port, Jawaharlal Nehru Port Trust (JNPT) in Mumbai, and Chennai Port. In Q1 2026, DGFT data showed a 12% dip in gold‑related container arrivals at Kolkata Port, largely attributed to the licensing lag. The average dwell time for a 20‑ft container carrying 10 kg of gold bars rose from 1.8 days to 3.4 days after the new rule’s enforcement.
For freight forwarders, the practical implication is two‑fold: (1) plan for an additional 1‑2 days of customs hold‑up, and (2) ensure that the bank issuing the LC is on the DGFT‑approved list. Failure to do so can trigger a rejection at the CBIC (Central Board of Indirect Taxes and Customs) checkpoint, resulting in demurrage charges that can exceed INR 15,000 per day for a 40‑ft container.
Regulatory Compliance Checklist for Forwarders
To stay ahead of the new DGFT framework, we have distilled the compliance steps into a concise checklist. The list reflects the latest guidance from the DGFT, CBIC, and the Reserve Bank of India (RBI) on foreign exchange documentation.
- Verify that the issuing bank appears on the DGFT’s “Authorized Bank List” (latest version dated 15 April 2026).
- Obtain a pre‑approved Export Contract Reference (ECR) for every gold or silver import destined for jewellery export.
- Submit the electronic Certificate of Origin (e‑CO) through the DGFT’s FTP portal at least 48 hours before vessel loading.
- Ensure the Bill of Lading (B/L) mentions the exact HS‑Code 7108 (gold) or 7106 (silver) and includes the bank’s LC number.
- Coordinate with the port’s customs house agent to file the Import Declaration Form (IDF) within 24 hours of vessel arrival.
Cost and Timeline Implications
Based on our recent shipments from Dubai to Kolkata (via the direct 20‑day sea lane), the total landed cost for a 40‑ft container carrying INR 5 crore worth of gold increased by roughly 2.3% after the rule change. The breakdown is as follows:
- Additional customs inspection fee: INR 12,500 per container.
- Extended demurrage (average 1.6 extra days): INR 9,600.
- Bank processing surcharge for non‑listed banks (if used inadvertently): INR 25,000.
- Digital filing fee for e‑CO via FTP: INR 1,200.
Air freight remains an alternative for high‑value, low‑volume shipments. A typical 500 kg gold consignment from Dubai to Kolkata Airport (Netaji Subhas Chandra Bose International) now costs USD 4,800, up from USD 4,500, mainly due to the same LC verification requirement.
Practical Guidance for Shippers and Forwarders
Oceanic Express LLP has already integrated the DGFT’s digital workflow into our customs clearance platform. Here’s how we help you navigate the new landscape:
- Bank Vetting Service: We confirm the LC‑issuing bank’s status before you finalize the payment.
- Export Contract Alignment: Our trade‑compliance team matches each import to a validated export contract, preventing licence mismatches.
- Real‑Time Port Updates: Through our partnership with Kolkata Port Trust, we receive live berth‑availability data, reducing unexpected waiting time.
- Digital Documentation Hub: All e‑CO, IDF, and B/L files are stored in a secure cloud portal, accessible to you 24/7.
- Cost Optimisation: We run scenario analysis to decide between sea and air based on value‑to‑weight ratio, ensuring you pay the lowest possible freight rate.
Outlook: What to Expect After FY 2029
The DGFT has signalled a possible review of the bank list in early FY 2030, potentially expanding the pool to 22 banks. Moreover, the Economic Times reported that the government is considering a “Gold‑Free Zone” at the upcoming Integrated Multi‑Modal Logistics Hub (IMMLH) near Haldia, which could further streamline customs clearance for precious metals.
Until those reforms materialise, freight forwarders must treat the current rules as permanent. Our recommendation is to embed the compliance checklist into your standard operating procedures (SOP) and to schedule quarterly reviews with your banking partners.
For any queries on how the new DGFT regulations affect your gold or silver shipments, contact Oceanic Express LLP today. Our dedicated customs clearance desk is ready to assist you with end‑to‑end solutions, from LC verification to final delivery.
Call us at +91‑9830041358 or +91‑9831034014 to discuss your next precious‑metal import.