The Swiss gold exports to India surged significantly during the month of October this year. In accordance with the latest statistics released by Switzerland’s Customs Administration, the yearly gold shipment to India is set to hit record highs during 2014.
The Swiss gold exports to India totaled 2.8 billion Swiss Francs (nearly 18,000 crore) during the month of October this year. This is nearly 30% higher when compared with the imports during the month before. The Indian gold imports from Switzerland had totaled 2.2 billion Swiss Francs during September this year.
The combined imports of Swiss gold by India during the initial ten-month period of the current year totaled 14.2 billion Swiss Francs (approximately Rs 93,000 crore). The country has become the largest destination of gold exports from Switzerland. Going by the current trend, the Swiss gold exports to India is all set to surpass Rs 1 Trillion for the entire year 2014.
There has been a sharp rise in gold imports into India during September and October this year. The Sep ’14 gold import bill totaled $3.75 billion, whereas in October it increased to $4.17 billion. According to sources, Switzerland accounted for nearly 60-70% of the total gold imported by India during these two months.
Although there is no official confirmation from both governments, it is widely believed that huge quantities of black money stashed in foreign bank accounts is finding its way into the country in the form of gold. The Indian government had recently announced strict action against black-money account holders, assuring that all necessary actions would be taken to tackle the ‘black-money’ menace.