Gold import from Switzerland to hit Rs 1 trillion mark

India’s gold imports from Switzerland have increased to such an extent that it is fast approaching Rs one-trillion mark for the entire 2014.

According to latest data from the Swiss Customs Administration, Swiss gold exports to India stood at over 2.8 billion Swiss francs (over Rs 18,000 crore) in October, up from about 2.2 billion Swiss francs in the previous month.

This has taken the total Swiss gold exports to India since January this year to 14.2 billion Swiss francs (nearly Rs 93,000 crore), as per the data compiled by Switzerland’s cross-border trade monitoring agency.

This surge in gold shipments has made India the largest destination for the yellow metal exports from Switzerland.

There are concerns that gold trade could be a possible route for laundering of unaccounted wealth, suspected to be stashed by Indians in Swiss banks, although there has been no official word from either countries so far in this regard.

As per the data from the Indian government, gold imports jumped 280 per cent to $ 4.17 billion in October. In September as well, gold imports increased manifold to $ 3.75 billion. This means Switzerland alone accounted for 60-70 per cent of the gold that came to India during these months.

As per Swiss National Bank’s latest data, the total money held by Indians in Swiss banks stood at over Rs 14,000 crore as on December 2013, up by nearly 42 per cent from a year ago.