The SIT said that this suggestion has been made by the Financial Action Task Force (FATF), while citing the Data Analysis and Research for Trade Transparency System adopted by U.S. to control over/under invoicing to some extent.

"It is established since years that over invoicing or under invoicing is known method for stashing black money outside the country. Main question is how to control this malady.

"If there is proper vigilance to a large extent by the Customs Department, mis-invoicing can be controlled because, now-a-days, price of various goods/machineries is known in the international markets.

"For this, data is also published and is available on computer at any point of time. Hence, it was suggested that in a Bill of Export/shipping Bills, an entry should be included, namely, what is the international market price of the goods/machineries which were sought to be exported," the SIT said.

The government has informed the SIT that this suggestion is already under consideration and is likely to be implemented within a short time.

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

Under mounting global pressure, Swiss government started publishing trade data monthly from 2014 and included information on trade partners.Data on imports and exports of gold, silver and coins was available on quarterly frequency as a separate product up to 2013 but data by trade partner was not available.

While industry watchers attribute the surge during October and September partly to increased demand for yellow metal during Diwali and other festivals in India, the sudden spike is also being seen suspiciously in the backdrop of gold being used for 'layering' purposes to move funds from Swiss banks amid growing scrutiny for suspected black money.

According to banking industry sources, banks operating in Switzerland, including those headquartered in the Alpine nation and the Swiss units of other European banks, have turned wary about dealing with their Indian clients in the wake of a growing scrutiny of such accounts.

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