Commerce Issues Apologetic Clarification for $5bn Over Value in Gold
Import
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Rupee Value Goes for Sixer
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No Heads Roll as Internal Committee to
Paper Over Icegate with DGCIS Goofy
The
provisional Quick Estimates (QE) of EXIM data for the month of Nov’24 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.
DGCI&S
receives trade data from approximately 500+ locations and about 2.5 lakh
transactions every day from different sea ports, land ports, airport and inland
container depots. The EXIM data from more than 100 SEZs was earlier captured by
SEZ Online System and EXIM data for all other ports (i.e non-SEZ locations) was
captured by ICEGATE system. Both systems (i.e ICEGATE and SEZ Online) were
transmitting the EXIM data separately to DGCIS for publishing foreign trade
statistics. However, based on a decision to shift EXIM declarations from SEZ
Online to ICEGATE system, the EXIM data pertaining to SEZs as well as all other
ports is being captured and transmitted by ICEGATE to DGCIS. However, owing to
persistence of certain technical glitches, the migration is still not complete.
Both SEZ Online and ICEGATE are still capturing and transmitting mutually
exclusive EXIM data to DGCIS.
DGCIS
does revision and correction of data from time to time. The revision is based
on data that’s 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. The revised data can be
accessed through the Data Dissemination Portal of DGCIS. 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. The
quick estimate values are initial estimates and are often systematically
amended to reflect more accurate information. Worldwide, official statistics are
released and are subject to subsequent corrections and revisions as per
available updated and additional information. As a statistical system, the main
objective/aim is to maintain a balance between data quality, accuracy and
timeliness. Apart from this, the fixed revisions and unscheduled corrections
are also obligations of the statistical system as and when more data are
available.