Colossal shipments of gold leaving Switzerland for India in recent months have alerted top Central agencies, such as Intelligence Bureau and Customs, on the possibility of the Indian black money stashed in Swiss banks being routed back to the country in the form of gold through hawala operators active in Dubai. Swiss authorities peg gold import by India at 1.63 billion Franc (Rs11,000 crore) in the month of June.

Data from Swiss government reveals that bullion exports to India accounted for 41.91 per cent of total June exports. In the month of May, bullion exports to India from the country formed 33 per cent of the total shipments. of the total Rs 50,000 crore worth exports to India in the first six months of the calendar year, June alone accounted for 22% of the entire shipments – indicating a rising trend.