5:49 am - Wednesday November 4, 2015

Gold Worth Rs 70,000 Crore Shipped To India From Switzerland

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As the Narendra Modi government steps up its effort to crack down on black money, the quantity of gold shipped from Switzerland to India has reached a record level of about Rs 70,000 crore.

According to the latest data released by Swiss Customs Administration, the gold exports from Switzerland to India was worth about Rs 15,000 crore in September, which is twice as compared to the previous month. Although industry experts attribute this sudden surge to an increase in demand for gold due to Diwali, this also being seen as a way to move funds from Swiss banks to India.

As per Swiss government data, the total exports of gold, silver and coins from Switzerland stood at 347 tonnes (worth 6.62 billion Swiss francs) in September. This also includes gold exports worth 172.5 tonnes.

Many Swiss banks are also asking their Indian clients to sign undertakings to ‘derisk’ the banks from potential risks due to regulatory actions against the clients.

Switzerland had recently agreed to cooperate in verification of genuineness of accounts and provide banking account details. It had also agreed to initiate a process to include India among the countries eligible for ‘automatic exchange of information.’

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