Software migration caused error in gold import computation; issue largely rectified: Sources

The government’s initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said.

The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from USD 37.84 billion to about USD 32.8 billion. Similarly, there will be a revision in overall import numbers as well.