FICCI CASCADE REPORT
India sees improvement in Global Terrorism Index; scaling of efforts can save USD 159 bn to money laundering
"Illicit trade undermines national security, risks legitimate manufacturing, leaks government revenue, jeopardises public health and safety, and erodes the trust of consumers and investors alike," it said. Tackling this issue is fundamental for safeguarding India's economic stability, ensuring fair competition, and fostering an environment conducive to sustainable growth and ease of doing business, it said.
Over Rs 58,000 crore in taxes lost due to illicit trade in FMCG, mobile, tobacco, alcohol industry: Ficci report
The FMCG industry alone accounted for 75% of the total illicit value of goods in five key industries. Tobacco products and alcoholic beverages- two highly regulated industries - account for nearly 49% of the overall tax loss in these industries.
National Retail Policy, incentives, GST cut on retail sector's mind before Budget 2022
Changes and hikes in tariff barriers further upset the applecart by disrupting supply chains, inflating costs and denting demand from consumers. Therefore, a measure of stability in policies and the tax regime remains the need of the hour for retailers and the economy, which could generate tailwinds for all sectors.
Companies caution against hasty reaction to Omicron, seek uniform policy
Industry bodies such as Ficci, Assocham and PHDCCI are apprehensive of state-level restrictions that could throttle the nascent economic recovery seen after the second wave of the pandemic.
Recent increase in smuggling in the North East can be due to economic distress insinuated by Covid: FICCI Committee
Various battalions of the forces intercepted smugglers transporting the illicit consignments using bikes, cars and trucks while hiding them inside rice sacks, jungle tracks, vegetation and others.
Sharp spike in smuggling of goods amid coronavirus pandemic: FICCI CASCADE
"The perpetrators of illicit trade are always looking at innovative ways to deceive the system to carry out their activities. This deeply harms the economic interests of the nation and the society ends up paying a huge cost," FICCI CASCADE Chairman Anil Rajput said in a statement.
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Spike in cigarette smuggling during COVID-19 lockdown: FICCI CASCADE
FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy), said the seizure of foreign brand cigarettes worth Rs 11.88 crore from a container at Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai on June 12, by the Directorate of Revenue Intelligence (DRI) is one of the biggest seizures since lockdown.
Covid-19 outbreak: Nirmala Sitharaman says steps soon to ease supply woes, secretaries to meet today
Sitharaman today met industry and trade associations to assess the impact of the virus on businesses. The finance minister said that a meeting of the concerned secretaries will be held tomorrow. The finance minister assured the industry that she will speak to the PMO on steps to provide any relief.
Jio boxed into corner; CII, FICCI join cause to seek relief for telcos
In an apparent attempt to counter billionaire Mukesh Ambani-run Jio's narrative on the issue, rival industry associations CII and FICCI have closed ranks and written to Finance Minister Nirmala Sitharaman seeking relief for telecom companies.
Illicit products adversely affecting Indian industry: Report
As per FICCI CASCADE, high tariff rates, brand consciousness, lack of awareness, cheaper alternatives and demand supply gap are among the major reasons for smuggling in India.
Insurgents, militants funded by drug and fake currency trade: Assam DGP Mukul Sahay
Smugglers pay protection money to various insurgent groups who use these amounts in subversive activities, Assam Additional DGP Mukul Sahay said.
Cigarette, tobacco smuggling incidents jump 136% in 2yrs: Report
Maximum revenue loss to the exchequer came from illicit trade of tobacco products, mobile phones, alcoholic beverages, it said.
Ficci urges government to clamp down on rising contraband trade
The report by Ficci body CASCADE pegged the loss in seven industry sectors at Rs 1,05,381 crore, increasing 44.4 per cent between 2011-12 and 2013-14.
India lags behind in leveraging IPRs: CBEC Chief
Najib Shah also stressed on cooperation among key stakeholders for better enforcement of IPRs.
90% rise in consumption of smuggled cigarettes in India: Report
Over 56 per cent smokers prefer attractive packaging of foreign smuggled brands which does not adhere to Indian regulations like pictorial warning on 85% space of the cigarette packet, it said.
Online marketplaces preferred hub for counterfeiting, smuggling: Report
The report was unveiled on Friday at a FICCI CASCADE International Conference on Illicit trade – Threat to national security & economy.
Inadequate enforcement and lack of consumer awareness boosting counterfeiting in India: FICCI
Inadequate enforcement and lack of consumer awareness is boosting counterfeiting in India, a new report by industry body FICCI says.
Assam to set up panel to study illegal trade in imported cigarettes
Assam has seen an influx of cheap king-size cigarettes from Bangladesh, China and Myanmar into Assam, with Northeast has become a distribution centre for cheap smuggled cigarettes.
Illicit trade up in 2014, Rs 39,239 crore loss to exchequer: FICCI report
Amongst the various sectors, the maximum revenue loss was from counterfeiting and illicit trade is tobacco products 23% and Rs 9,139 crore.
Government must keep illegal trade on a tight leash: FICCI
Releasing a report on illicit markets here, Chand said such markets pose a threat to not only legitimate industries but also the nation.
Manufacturing sector losses increased 44 per cent due to illicit trade: Study
Moreover, the government tax (direct and indirect) losses, increased by almost 50 per cent to Rs 39,239 crore in 2014 from Rs 26,190 crore in 2012.
'Rs 26k cr tax loss due to counterfeiting, smuggling in 2012'
Counterfeiting, smuggling and tax evasion has led to the government suffering an estimated tax loss of a whopping Rs 26,190 crore in 2012 in the seven key industry sectors.
'Smuggling, counterfeiting help generate black money'
Smuggling and counterfeiting are major challenges facing the industry today Minister of State for Agriculture Tariq Anwar said.
Government loses Rs 26K crore in taxes to smuggling, counterfeiting: FICCI
Smuggling and counterfeiting is estimated to cost the government a whopping Rs 26,190 crore in tax losses annually, a study conducted by industry chamber FICCI said.
No diesel price hike soon: Jaipal Reddy
Govt said it is not in favour of hiking diesel price in the immediate future even as the current retail rate is nearly Rs 12 per litre lower than its actual cost.
FDI in retail could check counterfeit merchandise: Experts
Ushering in FDI in multi-brand retail could ensure supply of genuine goods by eliminating the intermediaries involved in production and sale of counterfeit goods, according to experts.
Sharad Pawar backs Manmohan Singh’s stand on de-regulation of fuel prices
In a development that could strengthen the hands of the prime minister to deal with pressure within the alliance to revisit the petrol price issue
FICCI for bringing down GST rate to a uniform level gradually
FICCI today said there is a need to bring down rates under the proposed indirect tax regime to a uniform level of 12 per cent.
Don't withdraw stimulus until strong recovery: FICCI to Government
Amid the raging debate over the timing of withdrawal of the stimulus packages, industry body FICCI on Tuesday asked the government not to roll those back in the Budget 2010-11 as the economic recovery is at a nascent stage.
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