31^st May 2024 at 7: 00 pm

FICCI CASCADE organized a X (Twitter) Space program featuring Mr. P K Malhotra, Former Secretary, Ministry of Law and Justice and Think Tank Member, FICCI CASCADE on “Legal Insights & Strategies to Combat Counterfeiting and Smuggling” on 31 st May 2024. Mr. Malhotra shed light on the current global scenario of smuggling and counterfeiting, elucidating their substantial impacts on national economies, and lawful enterprises.

During the discussion, Mr. Malhotra highlighted the widespread prevalence of smuggling globally, emphasizing its detrimental impact on both national and international economies. He underscored the complex interconnection between counterfeiting, smuggling, and organized crime, which presents significant challenges for law enforcement and regulatory agencies. Furthermore, Mr. Malhotra emphasized how illicit trade practices contribute to the erosion of tax revenues, impeding government initiatives aimed at fostering economic growth. He also elucidated the adverse consequences of counterfeiting and smuggling on legitimate businesses, including the loss of market share, harm to reputation, and risks to consumer safety. Stressing the urgency of collaborative efforts, Mr. Malhotra emphasized the necessity for governments, industry stakeholders, and civil society to work together in developing robust legal frameworks and enforcement mechanisms to effectively combat illicit trade. He elaborated on the adverse effects of using counterfeit products, which include health risks, loss of trust in brands and sellers, and financial losses. Furthermore, the purchase of counterfeit goods can diminish consumer confidence in brands and sellers, particularly when they unknowingly acquire substandard items, resulting in disillusionment and doubt. He delved into specific laws outlined in the Indian Penal Code and consumer protection legislation aimed at preventing smuggling and counterfeiting. Additionally, he explored how smuggling intertwines with terrorism, highlighting its role as a funding source, facilitator, and tool for exploitation in terrorist activities. This connection amplifies security risks and hampers counterterrorism efforts.

To conclude, Mr. Malhotra proposed essential steps, such as enhancing international collaboration and sharing information to dismantle cross-border smuggling networks. He also stressed the significance of raising public awareness and conducting consumer education programs to reduce the desire for counterfeit goods. Furthermore, he highlighted the importance of cultivating partnerships within industries and adopting technological advancements to improve transparency and traceability in supply chains. These collaborative endeavors are pivotal in combating illicit trade and protecting the interests of economies, businesses, and consumers from its detrimental impacts.

Furthermore, participants were able to participate in a productive discussion,
exchanging thoughts and methods to reduce illicit trade and protecting socio-economic interests worldwide.

The online session attracted eager engagement from a global audience of over 15,000 participants.