During the month, gold imports surged 331% on year to $14.8 billion, the highest ever, giving rise to doubts whether the numbers have been overstated.
In April-November 2011, due to problems in the recently upgraded software, the exports were overstated by $9 billion. The numbers were revised a month later.
Overall gold imports have been high this financial year after the Budget in July that cut import duties to 6% from 15%. Imports crossed $10 billion in August this year. In November there has been no such trigger nor a festive or wedding season.
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