India Gold imports from Switzerland touches 17.1bn Swiss francs during Jan-Nov 2014

INDIA February 05 2015 6:06 PM

 

MUMBAI (Scrap Register): Indian gold imports from Switzerland crossed 17.1 billion Swiss francs (over Rs. 1.2 lakh crore) during the first eleven months of last year 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 during January to November last year, according to Swiss government.

 

Last November alone saw import of bullion worth over 2.9 billion Swiss francs (around Rs. 20,000 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.

 

The Swiss National Bank shocked financial markets last month by scrapping a three-year-old cap on the franc, sending the currency soaring against the euro and stocks plunging on fears for the export-reliant Swiss economy. 

 

Only days ago, SNB officials had described the 1.20 francs per euro cap, introduced in 2011 at the height of the euro zone crisis to fend off deflation and a recession, as a policy cornerstone. The U-turn sent the franc nearly 30 percent higher against the euro in chaotic early trading.