India over-counted its gold imports for every single month of the current financial year up to November, with cumulative over-reporting to the tune of $11.73 billion, or 31%. This was revealed in a review triggered by a sharp, inexplicable spike in imports of the yellow metal in November.
According to the revised data published by the Directorate General of Commercial Intelligence and Statistics (DGCIS) on Wednesday, the maximum over-reporting was for November, with the figure being revised downward by $5 billion to $9.84 billion. For other months, the gap between the initial and the revised estimates ranged from $2.44 billion to $16 million.
This story is from the January 09, 2025 edition of Financial Express Kochi.
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This story is from the January 09, 2025 edition of Financial Express Kochi.
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