..... If DGCIS is giving out “unreliable” numbers, one wonders why the RBI needs to use it. According to The Economic Times, the RBI is taking DGCIS numbers because this is what the International Monetary Fund expects it to do. “As per the balance of payments manual, IMF, which sets out the best international practices and which all member countries are supposed to follow, exports are to be recorded in balance of payments on shipments basis and not on the basis of realisation of exports,” the newspaper said, quoting an RBI spokesperson.....
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