
Counterfeit & smuggling invisible threat to economy, caused over Rs 39,000 crore loss
HYDERABAD: Federation of Indian Chambers of Commerce and Industry (FICCI) representatives have pointed out that stringent enforcement coupled with increased customer awareness is the only way to curb counterfeiting and smuggling of goods, which cause over Rs 39,239 crore annual revenue loss to the exchequer.
Speaking at a seminar organised by FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy) on Tuesday, PC Jha, FICCI CASCADE advisor and former chairman, Central Board of Excise and Customs(CBEC), said the volume of counterfeiting activity globally increased 100 times in the last 20 years and the size of the trade in counterfeit goods was 10% of the legal international trade. “The problem of illicit trade is severe than it is commonly perceived,” Jha added.
As per the FICCI CASCADE report released in 2015, the government losses revenue due to counterfeiting and smuggling in seven manufacturing sectors was Rs 39,239 crore. While the maximum revenue loss of Rs 9,139 crore was in tobacco products, it was Rs 6,705 crore in mobiles phones and Rs 6,309 crore in alcoholic beverages.
Related Posts
Police seize fake products worth 15L
Pune: A team of the Pimpri Chinchwad crime branch, led by senior inspector...
U.P. Man held with counterfeit notes at Lucknow railway station
Lucknow: A 22-year-old man was arrested here for allegedly possessing...
The ‘fakes’ industry is worth $461 billion
Think twice before you buy those shoes online. The shady business of "fakes" and...
Gutkha, tobacco products worth lakhs seized
The Mumbai Police Crime Branch’s crackdown on smuggling of prohibited products...