Swiss Money Trail Leads to Gold And Diamonds
The latest data compiled by Switzerland's Federal Customs Administration (FCA) shows that exports to India of gold, silver and coins to India has been rising consistently since January this year (981 million Swiss francs) and reached 1.2 billion Swiss francs (about 
8,000 crore) in May 2014.
Moreover, India accounted for over 32 per cent of entire Swiss exports of such items during May, up from just about 14 per cent at the beginning of this year. In the process, India has overtaken China as biggest destination for Swiss gold exports. Interestingly, Switzerland's overall gold export figures have fallen in recent months, but exports to India are rising.
Under global pressure, Switzerland decided earlier this year to provide country-wise breakdown of its gold trade.
The Financial Action Task Force (FATF), a global financial crimes combating body, had also said in one of its recent reports that India is one of the five countries where instances have been found that trade accounts of diamond business are being used to launder illegal funds.
Switzerland is also in the process of easing its various regulations, including those related to sharing of information with foreign jurisdictions in cases of suspected tax evasion and other financial crimes.
When asked whether India would be a beneficiary for automatic information exchange once a revised Tax Administrative Assistance Act comes into force in August, SIF spokesperson declined to give any direct answer and said it would depend on various developments within the country.
"Switzerland is actively taking part in international efforts aimed at better combating tax fraud and evasion such as the development of a worldwide standard for automatic exchange of information. Like India, Switzerland has endorsed the declaration on automatic exchange of information." Tuor said.
On specific query that whether India would benefit, the spokesperson said that Switzerland would first wait until the new global standard on automatic exchange in tax matters has been defined by the OECD and accepted by the G20.
"Secondly, the Swiss government will propose how to implement the new standard in Switzerland. Thirdly, the Swiss parliament will decide on the government's proposals... I can't give you any further details," Tuor said.
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