Global counterfeiting has grown 100 times-FICCI CASCADE

FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy) has raised a serious concern on counterfeiting and smuggling. The body believes that the global economy has suffered massive financial loss due to counterfeiting and there has been an increase in its volume by 100 times.

The experts from FICCI CASCADE while speaking at a seminar highlighted the importance of increased awareness on the hazards of counterfeiting and smuggling, and the need for effective enforcement to enhance India’s economic development.

PC Jha, Advisor, FICCI CASCADE and Former Chairman, Central Board of Excise and Customs, stated that during the last twenty years, the volume of duplication has increased 100 times around the world and the size of the trade in duplicate goods is 10 percent of the legal international trade. He finally stressed on the seriousness of the problem of illicit trade.

Deep Chand, Advisor, FICCI CASCADE and Former Special Commissioner of Delhi Police emphasized on the need for consumers being continuously made aware of the detrimental impact of illicit products. He further said, “Consumer awareness campaigns that explain how to differentiate a spurious product from a genuine product to demanding a copy of the bill from the seller, along with the harmful consequences of purchasing illegal products.

As per the FICCI CASCADE report published in 2015, the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores. Amongst the various sectors, the maximum revenue loss to the exchequer is attributed to tobacco products. Estimating a revenue loss of Rs 9139 crores, followed by mobile phones at Rs 6705 crores and alcoholic beverages at Rs 6309 crores.

According to a FICCI report, ‘Illicit Trade: Fuelling Terror Financing and Organized Crime’, counterfeiting is the second largest source of income for criminal activities. The global loss to employment would stand at 4.2 to 5.4 million in the year 2022.

Source: uniindia.com

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

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”

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How counterfeiting is affecting lives of innocents

We all know what counterfeits are- fake, cheap quality lookalikes of branded products intended to fool the buyers into thinking they are genuine. Counterfeiting is one of the major challenges grappling the world economy today causing a havoc to the world economy (it’s a $250 billion per annum industry!) as well as to businesses and the consumers using these products. The ramifications for counterfeiting are also massive for governments, as counterfeiting fuels the hand of organised crime. As such, it has become imperative for us to understand why counterfeiting takes place and what are the different methods to curb this billion-dollar problem.

Continue reading “How counterfeiting is affecting lives of innocents”