Treat illicit trade as national threat, Ficci urges government

The Federation of Indian Chambers of Commerce and Industry (Ficci) on Thursday urged the government to tackle smuggling and counterfeiting of goods as national threat, as they result in India losing around Rs. 39,239 crore in taxes every year.

In a letter to various ministries concerned, including Finance Ministry, Ficci’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (Cascade) said the top five goods where seizures by the Directorate of Revenue Intelligence (DRI) had been the highest in the past few years have been gold, cigarettes, machinery parts, fabric/silk yarn and electronic items.

The Ficci had earlier revealed facts about and impact of illicit trade in its report “Invisible Enemy – A Threat to Our National Interests”.

http://www.thestatesman.com/business/treat-illicit-trade-as-national-threat-ficci-urges-government-1496327628.html