System Glitches Cause Gold Import Data Error

Following the integration of two platforms, a system-related glitch resulted in the double counting of gold and silver shipments from special economic zones (SEZs) to the domestic area. This error inflated the import figures of the yellow metal by $5 billion in November, as revealed by the government on Thursday.

Integration of Platforms and Data Collection Challenges

The integration of the Indian Customs Electronic Gateway (ICEGATE) with the NSDL platform, which provided data on SEZs, caused the error. Previously, NSDL data was sent directly to the Directorate General of Commercial Intelligence & Statistics (DGCI&S) until July. However, after the integration, data from 110 locations was sent to ICEGATE, leading to separate captures of bills of entry for gold and silver entering an SEZ and those sold to the domestic tariff area, thus resulting in double counting.

Efforts to Correct the Error

The commerce department stated that revisions are done periodically to correct such errors, based on late-received data, amendments, and qualitative corrections. A panel comprising officials from DGCI&S and DG Systems has been tasked with ensuring a robust system for data collection and collation. The government is also checking if revisions from April 2023 are necessary, when the change began.