Ceylon-Uneasy Republic

above the corresponding DGCIS figures. But if appropriate adjustment is made for understatement of the insurance and freight element in the RBI data, the RBI export figures are likely to be appreciably lower than the DGCIS figures. This raises the question: Is it that the GR forms in respect of a significant number of export transactions do not reach the banking network after the exports have been recorded by the DGCIS? This suggests that apart from the existence of other channels of foreign exchange leakage like under- invoicing of exports or overinvoicing of exports, smuggling out of the country of precious goods like silver and diamonds, foreign exchange is also being lost, it appears, on account of exporters successfully avoiding to file the GR forms with the authorised dealers. This is in addition to the possibility, mentioned last week, that even in respect of the GR forms that reach the authorised dealers, the export receipts are not always realised since RBI does not appear to systematically match all the GR triplicates (which are sent in by the authorised dealers after the export receipts are realised) with the corresponding GR duplicates.