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Swiss gold exports to India cross CHF 11-bn

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Swiss gold exports to India so far this year has reached a record high level of about 70000 crore rupees, as banks in Switzerland come under greater black money scrutiny. Gold exports stood at about 15,000 crore rupees in September alone, which is double the figure for the previous month, according to latest data released by Swiss Customs Administration. The sudden spike is being seen suspiciously in the backdrop of gold being used for ‘layering’ purposes to move funds from Swiss banks.
According to banking industry sources, banks operating in Switzerland have turned wary about dealing with their Indian clients in the wake of a growing scrutiny of such accounts. A number of banks have begun telling their Indian clients to sign undertakings that are aimed at de-risking the banking institutions.
Through these de-risiking undertakings, the customer agrees to take responsibility for any possible regulatory or administrative compliance with international norms.

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