Quick Estimates data for imports of precious metals revised following unusual spurt in December

Ministry of Commerce & Industry has noted that the provisional Quick Estimates (QE) of EXIM data for the month of Nov24 was released on 16th December, 2024. On noticing unusual surge in imports of precious metals, DGCI&S under Ministry of Commerce and Industry has jointly taken up a detailed examination with DG (Systems), CBIC. During the reconciliation exercise, primarily, it was observed that due to migration of data transmission mechanism from SEZ to ICEGATE, figures of precious metals needed revision as it was noticed as the system was calculating both imports into SEZ and subsequent clearance into DTA as separate transactions after the migration. DGCIS does revision and correction of data from time to time. The revision is based on data thats received late, amendments in the respective months and qualitative corrections wherever required. The principal commodity level data, which have been uploaded recently at DGCIS Data Dissemination Portal, incorporates the first phase of reconciliations made till date. Revision has been done for trade figures from April 2024 to November 2024, which are made public in compliance to the regular publication cycle maintained as per international standard data dissemination norms. A committee has been formed with stakeholders from DGCIS, DG Systems (CBIC) and SEZs for creation of a robust mechanism for publishing consistent data. Internationally, revision and corrections are an inherent part of any statistical procedure.

Powered by Capital Market - Live News