INDIA June 27 2017 5:36 PM

MUMBAI (Scrap Register): India's gold imports from Switzerland has shot up by 40% month-on-month to 68 metric tons during the month of May this year and up from 18.5 metric tons in May 2016, according to the Swiss Federal Customs data.

Indian gold buying is believed to have climbed in anticipation of widespread tax reforms to India's economy, which includes a new 3% goods and service tax on gold, to be levied from July 1.

India was the biggest destination for Switzerland's gold for the fifth straight month, with 68 metric tons and is the largest export volume to the country for 18 months.

India has imported 236 metric tons of gold during January to May this year, an increase of 105 percent from the same period a year earlier and the highest for at least three years.

Switzerland total gold expoprt has reached 170 metric tons during the month of May, a sharp increase of 39 percent from 122 metric tons a month early and down 2% from 174 metric tons in May 2016.