The Ministry of Commerce reported gold imports at an all-time high of 173 tonnes for November, significantly exceeding historical trends. However, Metals Focus, a leading data provider for the World Gold Council, estimated imports at 136 tonnes.
The probe aims to reconcile the data with records from the Central Board of Indirect Taxes and Customs (CBIC) to address these discrepancies.
The sudden jump in gold imports has also widened India’s trade deficit (difference between the imports and exports) to an all-time high of $37.84 billion for November.
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The Kolkata-based DGCIS, responsible for compiling and disseminating India’s trade statistics, will lead the investigation, though the timeline for completion remains unclear.
On the day the trade data was released, the government attributed the surge in gold imports to multiple factors, including heightened demand during the wedding and festive season, rising global gold prices, strong investor confidence driven by geopolitical uncertainties, and a reduction in customs duty on gold from 15% to 6% in the July budget.
The yellow metal has risen 23% in 2024, with prices in the national capital reaching ₹78,350 per 10 grams.
Also Read | India’s gold imports hit record high in November
The Ministry of Commerce has not ruled out further measures or investigations as part of the ongoing probe.
It remains to be seen whether the trade data for November will undergo revisions once the examination is complete
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