Record-high Imports
Govt re-examining gold import data post surge seen in Nov - trade min source
This story was originally published at 21:33 IST on 18 December 2024
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--Govt source: Not yet sure of miscalculation in Nov gold import data
--Govt source: Reconciliation of Nov gold import data once CBIC data received
--Govt source: Trade min re-examining gold import data post surge seen in Nov
--CONTEXT: India's gold imports surged to record high of $14.8 bln in Nov
By Krity Ambey
NEW DELHI – The trade ministry's Directorate General of Commercial Intelligence and Statistics is undertaking a detailed examination of the gold import data for November, an official from the ministry said. The decision comes after India's gold imports surged to a record high of $14.8 billion last month.
"On noticing the unusual surge, DGCIS has taken up detailed examination of the gold import data and reconciliation would be done with the data received by CBIC (Central Board of Indirect Taxes and Customs)," the official told Informist. While some bullion traders have claimed that there has been miscalculation in the gold import data for November, the government is not yet certain of the fact and will confirm this only after a thorough assessment, according to the official.
The high gold import print for November was the main reason for an all-time high of $69.95 billion inbound shipments during the month. While announcing the trade data for November, Trade Secretary Sunil Barthwal had said that the "price effect" was seen in gold imports. India's trade deficit also widened to a record high of $37.84 billion last month. End
US$1 = INR 84.95
Edited by Avishek Dutta
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