Government Acts to Rectify Gold Import Data Discrepancy

The government has established a committee to address errors in gold import data due to the migration from SEZ to ICEGATE systems. The revision reduced November's import figures by $5 billion. The Directorate General of Commercial Intelligence and Statistics plays a key role, ensuring data accuracy.

In an attempt to rectify discrepancies in gold import data, the government announced on Thursday the formation of a committee comprising officials from commerce and customs. This move follows detection of errors caused by the migration from the SEZ data system to the ICEGATE platform.

The Commerce Ministry stated that November's figures had to be revised downward by USD 5 billion, following double counting issues where imports into Special Economic Zones (SEZs) and their subsequent clearance into Domestic Tariff Areas (DTAs) were treated as distinct transactions.

The Directorate General of Commercial Intelligence and Statistics, alongside other stakeholders, has been tasked to create a reliable framework for future data accuracy. The revision unveiled an excess of USD 11.7 billion imports in the first eight months of the fiscal year.

(With inputs from agencies.)