Scrap Monster
Vulcan
Vulcan
Gold January 26, 2015 07:30:10 AM

Swiss gold exports to India goes on unabated

Paul Ploumis
ScrapMonster Author
Enormous quantities of Swiss gold have headed to India during the past few months
Swiss gold exports to India goes on unabated

NEW DELHI (Scrap Monster): Enormous quantities of Swiss gold have headed to India during the past few months. The Swiss gold exports to India have surged significantly during the month of November 2014. In accordance with the latest statistics released by Switzerland’s Customs Administration, the yearly Swiss gold shipment to India is set to hit record highs during 2014.

The Swiss gold exports to India totaled 2.9 billion Swiss Francs (nearly Rs. 20,000 crore) during the month of November 2014. This is marginally higher when compared with the imports during the month before. The Indian gold imports from Switzerland had totaled 2.8 billion Swiss Francs during the month of October last year.

There has been a sharp rise in gold imports into India during Q4 2014. The Sep ’14 gold import bill totaled $3.75 billion, whereas in October it increased to $4.17 billion. Surprisingly, in Nov ’14, the gold imports surged significantly higher, pushing the trade deficit to 18-month highs. According to statistics, Switzerland accounted for nearly 60-65% of the total gold imported by India during these three months.

During the initial eleven-month period from January to November in 2014, India has imported nearly 460 kilograms of gold from Switzerland. The combined imports of Swiss gold by India during this period have totaled 17.1 billion Swiss Francs (approximately Rs 1.2 lakh crores). The country has become the largest destination of gold exports from Switzerland.

Swiss bank lockers appear to be losing grip among corporate wealthy Indians, ever since the new government in India had announced that it would, work closely with the Swiss authorities to trace black money hoarders.

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