Swiss Gold Exports To India Near 1 Trillion In 2014


BERNE/NEW DELHI: Amid concerns of bullion trade being used for routing of black money, Switzerland's gold exports to India have risen further and is fast approaching one-trillion mark for the entire 2014.

The Swiss gold exports to India stood at over 2.8 billion Swiss francs over  in October, up from about 2.2 billion Swiss francs in november, shows the latest data from the Swiss Customs Administration.

This has taken the total Swiss gold exports to India since January this year to 14.2 billion Swiss francs, 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.

The Supreme Court-constituted SIT, however, said in its latest report on black money that a dedicated institutional mechanism needs to be put in place to examine "mismatch between export/import data with corresponding import/export data of other countries on at least a quarterly, if not a monthly basis."

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Source: PTI