Move can help curb the menace of counterfeiting: FICCI seminar

Consumer insistence on being issued a receipt for the purchase of goods made as a measure to curb counterfeiting was highlighted by speakers at a seminar in the city on Tuesday.

This will reduce the problem by as much as 80%, former chairman of Central Board of Excise and Customs P.C.Jha said even while underscoring the need for a change in the mindset of consumers to buy only genuine products.

Addressing the seminar organised by FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy), of which he is the Advisor now, Mr.Jha also called for policy level changes and stringent enforcement to tackle the menace. High rates of taxation provided more incentives to the manufacturers of illicit goods since the profitability increases due to tax evasion, he said making a presentation. Improvement in the efficiency of enforcement agencies is also another aspect he sought to underscore.

A report released by FICCI CASCADE in 2015 pegged the loss to the government on account of illicit markets in seven manufacturing sectors at ₹39,239 crore. The maximum revenue loss to the exchequer was attributed to tobacco products, of ₹9,139 crore, followed by mobile phones at ₹6705 crore and alcoholic beverages at ₹6309 crore.

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