Unveiling Gold Import Data Errors: Government's New Committee Takes Charge

The government formed a committee to address errors in gold import data resulting from double counting caused by the transition from SEZ to ICEGATE systems. A revision has reduced November's imports by $5 billion, with further assessments revealing $11.7 billion excess imports from April to November 2024.

The government has taken action to rectify errors in gold import data by forming a committee comprising officials from the finance and commerce ministries. This decision follows the identification of double counting errors, stemming from the data transition between SEZ and ICEGATE systems.

The Commerce Ministry highlighted that these inaccuracies necessitated a revised figure for November 2024, decreasing imports by $5 billion to $9.84 billion. Since April 2024, the figures were adjusted, revealing excess imports valued at approximately $11.7 billion in the first eight months of the fiscal year.

The Directorate General of Commercial Intelligence and Statistics (DGCIS) initiated the investigation after an import surge in November, prompting the ministry to scrutinize potential errors in gold import data. Meanwhile, the transition of EXIM data processing to the ICEGATE system highlighted ongoing technical glitches yet to be fully resolved.

(With inputs from agencies.)