The unusual increase in imports has given rise to the speculation that black moneystashed abroad is finding its way back to the country through legal channels. However, jewellers claim that most of the gold imported is meant for re-export and goes out of the country as finished product.
On any given month, over 60% of the imports is from Switzerland.
Is there any link to the black money? A senior banker told dna, “We cannot draw direct correlation between the black money in Swiss banks and the large quantity of gold coming back to the country. But it can be camouflaged with the festival demand. We need to check export data two months down the line to see if there has been a corresponding rise in exports.”