India's gold imports from Switzerland during the April-December period of this fiscal stood at 3,86,325 kg, Parliament was informed today.
Even during the FY 2013-14, Switzerland was the biggest source of gold imports for India.
During 2013-14, the imports from Switzerland were at 3,87,166 kg, Minister of State for Finance Jayant Sinha said in a written reply in the Lok Sabha.
In the current fiscal, gold imports from Switzerland in November were the highest at 84,122 kg, followed by October (70,327 kg), September (59,450 kg), June (45,065 kg), May (32,995 kg), August (29,255 kg) April (27,207 kg), July (24,346 kg) and December (13,558 kg), Sinha said.
Replying to a question whether the growth in gold export from Switzerland in recent months is indicative of black money flows in the country, Sinha said, "All gold imports in the country are through the nominated agencies selected by the government and the RBI."
Switzerland, United Arab Emirates (UAE), South Africa, the US, Australia, the UK, Tanzania, Peru, Hong Kong, Belgium, Canada, China, Colombia, Ghana, Swaziland and Malaysia are among the major countries from where India imports gold.
India's gold demand in 2014 declined 14 per cent to 842.7 tonnes, mainly due to government's move to restrict imports, according to the World Gold Council (WGC).
