Switzerland's gold exports to India crossed Rs1.2 lakh crore in 2014 even as concerns persist over bullion being used to channel illicit funds into the Indian shores.The value of precious metal imported from Switzerland touched 17.1 billion Swiss francs (over Rs1.2 lakh crore) during the 11-month period from January till November end in 2014, according to Swiss Government.
last November alone saw import of bullion worth over 2.9 billion Swiss francs (around Rs20,000 crore) from Switzerland. In the preceding month too, gold exports from the Alpine nation remained at similar levels, latest data from the Swiss Customs Administration showed.More than 457 kilograms of gold was exported from the Alpine nation to India during January-November 2014 period. At the end of November 2014, India remained the biggest destination for gold exports from Switzerland. According to latest figures from the Indian Government, gold imports surged over six-fold to$5.61 billion (over Rs35,000 crore) in November.
The spike was primarily attributed to increased demand during marriage and festival season as well as easing of import curbs in November. Gold imports jumped 280 per cent to Rs4.17 billion in October. In September as well, the imports zoomed to Rs3.75 billion.An analysis of numbers from both countries reveal that Switzerland accounted for over 60 per cent of gold imported by India.