Swiss Gold Exports To India Near 1 Trillion In 2014

"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 per cent to USD 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. Undermounting global pressure, Swiss government started publishing trade data monthly from 2014 and included information on trade partners.