FICCI CASCADE organizes seminar on the problem of counterfeiting & smuggling

FICCI CASCADE the anti-smuggling and anti-counterfeiting arm of the industry body FICCI recently organized a seminar on ‘Combating Counterfeiting and Smuggling, an Imperative to Accelerate Economic Development’ in the city of Bhopal.

Counterfeiting is a growing problem and can be effectively countered with appropriate policies said experts present at the seminar. The experts discussed the urgent need for awareness on the hazards of duplication and smuggling. They also raised concerns on the level of enforcement of anti-counterfeiting policies for the overall growth of the country.

Justice (retired) N.K Jain, Judge of MP High Court and Chairman, Madhya Pradesh State Consumer Redressal Commission praised and encouraged FICCI CASCADE’s dedication to eradicate smuggling and illicit trade in the country. Besides this, he also mentioned that a lot more is required to change the outlook of the common man with regard to the use of counterfeit and smuggled goods. Counterfeiting and smuggling of goods not just block the economic growth of a country but is equally detrimental to the health and society. He further commented on the need for strict regulations and effective implementation of the same to curtail the problem.

Anuradha Sharma, Additional Director General, Madhya Pradesh Police stated that counterfeiting and smuggling is an important issue and negatively impacts the health and safety of the common man. This has also led to tax and revenue losses of the industry. The issue is highly critical and needs a collaborative action from all stakeholders.

According to a report released by FICCI CASCADE in 2015, the overall loss to the government on account of illegal markets in seven manufacturing sectors is Rs 39,239 crores.

Source: Daily Pioneer

RBI Launches New Rs. 200 Notes

RBI Launches New Rs. 200 Notes To Ease Transactions

In yet another move to combat counterfeiting, the Reserve Bank of India has introduced a new denomination of Rs. 200 in the banks from August 25, 2017.

The central bank stated that the new currency denomination and designs will ease transactions, replace soiled bank notes and combat counterfeiting.

The launch of new Rs. 200 notes hope to reduce the burden of Rs. 100 notes and make the currency system more efficient. India’s current currency system has denominations of Rs. 1, 2, 5, 10, 20, 50, 100, 500 and 2000.

Look at some of the important features in the newly launched Rs. 200 note:

1. The note is yellowish orange in colour

2. These new notes bear a signature of Dr. Urjit R. Patel, the Governor of Reserve Bank of India

3. For the visually impaired, the new Rs. 200 note consists of intaglio or raised printing of the Mahatma Gandhi portrait, Ashoka Pillar emblem, a raised identification mark H with micro-text Rs. 200, four angular bleed lines with two circles in between the lines both on the right and left sides

4. The dimensions will be 66 mm × 146 mm

5. On the front, it has a see-through register with denominational numeral 200. A latent image with denominational numeral 200 and a Rs. 200 in Devanagari. There will be a portrait of Mahatma Gandhi at the centre

6. Few Micro letters like ‘RBI’, ‘भारत’, ‘India’ and ‘200’ are also present in the note

7. Windowed security thread with inscriptions ‘भारत’ and RBI with colour shift are present. On tilting, the colour of the thread changes from green to blue

8. The Guarantee Clause, the RBI emblem, the RBI Governor’s signature along with the Promise Clause are present towards the right of Mahatma Gandhi portrait

9. Denominational numeral with Rupee Symbol, Rs. 200 in colour changing ink (green to blue) on bottom right

10. The Ashoka Pillar emblem is present on the right and the Mahatma Gandhi portrait and electrotype (200) watermarks are also there

11. Number panel with numerals growing from small to big on the top left side and bottom right side

12. On the reverse, the note will have:
1. Year of printing on the left side. A Swachh Bharat logo along with the slogan
2. The language panel
3. Motif of the Sanchi Stupa
4. Denominational numeral २०० in Devanagari

With so many hidden security features, the new Rs. 200 note looks very promising and fully prepared to fight the problem of fake currency in India.

Fake Tobacco

Exchequer Incurs Huge Losses Owing to Counterfeit Tobacco – FICCI Report

According to a recent study released by FICCI, the illicit trade related to tobacco has led to a loss of Rs. 9,139 crore to the exchequer. Several other losses due to illicit trade of mobile phones at Rs. 6,705 crore and alcoholic beverages at Rs. 6,309 crore have also been bored by the exchequer. Continue reading “Exchequer Incurs Huge Losses Owing to Counterfeit Tobacco – FICCI Report”