SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 22 Nov, 2018  

FICCI Logo New THMB Experts stress on 3 C's to fight illicit trade

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 22 Nov, 2018

Experts participating at an FICCI CASCADE training programme viewed that there is a need to create communication, coordination and close cooperation amongst various government agencies, law enforcement officials and private sector to curb the growing menace of illicit trade.

FICCI organised the training program for Delhi police officials at the Academy for Smart Policing, New Delhi.

Experts at the event viewed that All speakers unanimously agreed on the fact that the existence and operation of smuggling and counterfeiting is not only broad in scope and large in value but is impacting the global economy, causing losses to both industry & government, and most importantly affecting the health and safety of the consumers adversely.

The training was inaugurated by Mr K Jagadeesan, Jt. Commissioner of Police-Training, Delhi Police. 

Jagadeesan emphasized that India, as a rising economic superpower need to take offences related to counterfeiting and smuggling very seriously and police has a significant role in fighting this menace.

Although counterfeiting was looked at as a victimless crime, it had many far-reaching consequences and it was extremely important for the police officer to understand the consequences before taking actions on ground. Only then will an officer investigating a case related to smuggling and counterfeiting be able to understand and take suitable actions, he said. 

Deepchand, Advisor FICCI CASCADE stated that FICCI CASCADE reports estimate that in India the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores.

The estimated loss to the industry is Rs 1,05,381 crores, an increase of 44.4% in two years. He further added that this loss is just the tip of the iceberg. The grey market economy is fueling illegitimate industry and leading to increased criminalization of the society in the form of organized crime including terrorism, he said.

Global studies have indicated that criminal syndicates all over have taken to counterfeiting and smuggling to fund their nefarious activities. This not only makes our society unsafe but also adds to the enforcement costs, he added.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter