Indians rush to convert their Swiss stashes to bullion as rules tighten
Mumbai-India (Aug 4) Amid the long-running brouhaha over black money allegedly stashed by Indians in Swiss banks, latest official data from the Swiss government indicates that Indians are opting out of the increasingly transparent Swiss banking system by converting their cash into bullion.
India accounts for nearly 42 per cent of total gold and silver leaving Switzerland shores – the largest for any single country, according to the latest official Swiss report on the total export of gold, silver and coins in the month of June 2014.
The overall figure stood at 3.9 billion Swiss francs (over Rs26,000 crore), out of which India alone accounted for Rs 11,000 crore.
This has taken the overall Swiss exports so far in 2014 to 32.1 billion Swiss francs. Of this, shipments to India have reached nearly Rs50,000 crore (7.3 billion Swiss francs).