The government on Thursday formed a committee, comprising officials from commerce and customs, to create a robust mechanism for publishing consistent and accurate data following errors in gold import figures. In a statement, the commerce ministry said that due to the migration of data transmission mechanism from SEZ (special economic zone) to ICEGATE (Indian Customs Electronic Gateway), figures of precious metals needed revision as double counting was noticed. The double counting occurred because the system was calculating both imports into SEZ and subsequent clearance into DTA (domestic tariff area) as separate transactions after the migration. "A committee has been formed with stakeholders from DGCIS (Directorate General of Commercial Intelligence and Statistics), DG Systems (CBIC) and SEZs for the creation of a robust mechanism for publishing consistent data," it said. The government has revised gold import data, bringing down numbers for November by USD 5 billion to USD 9.84 ..
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