Government Revamps Gold Import Data Mechanism Amid Double Counting Debacle

The government has established a committee to ensure accurate gold import data after errors due to a data transmission shift. Revisions reduced November 2024 import figures by $5 billion. The change aims to correct double counting and maintain data accuracy.

The government has formed a new committee to establish a reliable mechanism for publishing accurate gold import data, following errors uncovered in recent figures. This initiative arises from the shifting of data transmission methods, which led to inaccuracies known as double counting.

In response, the Directorate General of Commercial Intelligence and Statistics slashed the November gold import numbers by $5 billion, revealing a substantial reduction in the previously reported excess import figures.

This correction aims to resolve issues arising from both the SEZ and ICEGATE systems transmitting data individually, ensuring a unified and accurate representation of trade statistics.

(With inputs from agencies.)