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Indian government slashes November gold import data by $5 billion
By Shreya Nandi
Business Standard, New Delhi
Wednesday, January 8, 2025
The central government has revised downward the gold import data for November to $9.8 billion, a sharp reduction from the earlier announced figure of $14.8 billion, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) released today.
The $5 billion revision is attributed to a "calculation error" caused by the alleged double counting of gold shipments in warehouses following a shift in the online filing services to the National Securities Depository (NSDL) from the Indian Customs Electronic Gateway (ICEGATE) starting in July 2024 for gold traders.
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A senior government official told Business Standard that there seems to be an "error" in the transition from NSDL to ICEGATE. However, the Department of Commerce did not issue an official statement on the revised data. ...
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