In 2013, the world gold exports were $283 billion approximately.
Sharp rupee fall, interest differential on export finance rates may have led to arbitrage in gold.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
Amid concerns of bullion trade being used for routing of black money, Switzerland's gold exports to India have risen further and is fast approaching Rs 1-trillion mark for the entire 2014.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
Report says gold being exported by persons of Indian origin and routed through Dubai
Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Import by 4-star and 5-star export houses effectively barred from importing for domestic consumption.
Exports in May 2012 stood at $24.77 billion.
Gold import this financial year is estimated at 945 tonnes.
Import growth moderated to a four-month low, owing to sharp decline in that of gold.
The short-term risk to our external balances stems from the yellow metal.
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
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