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.
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.
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