Author: adminficci

December 31, 2023 | Twitter

On December 31, 2023, FICCI CASCADE hosted a Twitter Space session featuring Mr. Najib Shah, Former Chairman, CBIC and member of the FICCI CASCADE Think Tank. The session delved deeply into the pressing issue of “Economic Consequences of Illicit Trade on Legitimate Businesses, Government, and Society at Large.”

Mr. Najib Shah, leveraging his profound expertise and experience, provided a nuanced and insightful analysis of the pervasive global issue of illicit trade. He elucidated on its current prevalence and impact across diverse sectors and industries, highlighting those most profoundly affected. Moreover, Mr. Shah explored the intricate evolution of illicit trade dynamics in light of advancing technologies, offering valuable perspectives on how these advancements have reshaped the landscape of global trade practices.

The session not only underscored the gravity of illicit trade’s ramifications but also served as a platform for informed discourse aimed at fostering awareness and strategizing effective measures to mitigate its adverse effects on economies and societies worldwide.

He stressed on the profound impact of illicit trade on national economies, tax revenues, and legitimate businesses. Illicit trade diverts resources away from legal economic activities, bolstering the shadow economy and undermining overall productivity. This market distortion introduces inefficiencies and undermines investor confidence, thereby stalling economic advancement. Additionally, it tarnishes countries’ international reputations, potentially deterring foreign investment. Governments suffer revenue losses, limiting their capacity to deliver vital services and potentially necessitating increased taxes on lawful entities.

Legitimate businesses face unfair competition as counterfeit products flood markets, eroding consumer trust and creating financial strains, he added. Rising compliance costs exacerbate competitiveness challenges, while supply chain disruptions threaten business sustainability across diverse sectors. These factors collectively underscore the urgent need for coordinated efforts to combat illicit trade and its detrimental effects on global economies and businesses.

In conclusion, Mr. Shah emphasized that addressing illicit trade globally requires a holistic strategy emphasizing cooperation among governments, international bodies, law enforcement, and businesses. This approach includes bolstering international collaboration through intelligence sharing, adopting advanced border control technologies, and implementing stringent legislative measures against illicit trade. Moreover, efforts should prioritize capacity building for enforcement agencies and promote public-private partnerships to enhance supply chain security and raise public awareness.

Furthermore, the session facilitated a productive discussion where participants exchanged insights and tactics aimed at reducing illicit trade and safeguarding global socio-economic welfare. The online gathering drew enthusiastic participation from a global audience, with attendance exceeding 11,000 attendees.

Mumbai, Dec 31 (PTI) The Directorate of Revenue Intelligence has seized a consignment of smuggled cigarettes worth Rs 2.4 crore at the air cargo complex here and arrested one person in this connection, a DRI official said on Sunday.

Based on intelligence inputs of suspected smuggling of cigarettes through the air cargo route, an import consignment which arrived from Dubai was intercepted on Friday.

The consignment was declared as bedsheets and dress material, the official said.

During examination of the consignment, cigarette cartons were found concealed and neatly placed inside the layered boxes of fabrics.

The smuggled stock consisted of 15,86,960 cigarette sticks of some of the popular brands with a market value of approximately Rs 2.4 crore, the official said.

https://www.theweek.in/wire-updates/national/2023/12/31/bom3-mh-cigarettes-seizure.html

Customs officials in Mumbai have arrested a man for smuggling 2,935 grams of gold worth ₹1.65 crore into India from Sri Lanka. The accused was intercepted after crossing the green channel and denied carrying any illegal materials. He revealed during interrogation that he obtained the gold from an unknown person on a flight. The agency has requested that the accused be held in judicial custody for further investigation.

Mumbai: The Air Intelligence Unit (AIU) of the Customs Department arrested a 28-year-old man for allegedly smuggling in gold into India after seizing 2,935 grams of 24 KT gold worth ₹1.65 crore from him.

The accused was identified as Kamal Uddin, who arrived from Colombo (Sri Lanka) by Sri Lankan Airlines’ flight number UL-143 on Saturday. He was intercepted after crossing the green channel.

https://www.hindustantimes.com/cities/mumbai-news/customs-seizes-smuggled-gold-worth-over-1-65-crore-from-flyer-101704044237128.html

Jaisalmer: Liquor smugglers tried to find a new way through but the Barmer excise foiled their attempts, apprehending a truck meant for carrying cement but actually stashed with liquor. Excise officer Dinesh Gehlot said 810 cartons of different brands of liquor were seized from the truck, with their estimated cost being Rs 34 lakh.

He said that according to the driver, the liquor was to be supplied to Gujarat.

Gehlot said that a tip was received from an informer that on state highway-40 a truck carrying liquor was coming towards Barmer. The excise team put up a blockade in Kudla village. The truck was apprehended there and was seized by the excise department. The 810 cartons of liquor contained 416 cartons of Kingfisher super strong beer totalling to 9,660 cans, 87 cartons of 8 brands of whisky totalling 1,044 bottles, 40 cartons of McDowell’s Rum totalling 480 bottles, and 266 cartons of whisky totalling 3,216 bottles. All this liquor was marked for sale in Rajasthan only.

Gehlot said that the driver Virdharam, resident of Sedwa, was arrested and a case has been lodged under the Excise Act.

https://timesofindia.indiatimes.com/city/jaipur/news/cement-truck-smuggling-liquor-barmer-jaisalmer/articleshow/106108087.cms

Vadodara: Ahead of the New Year’s Eve, the Bishnoi gang that smuggles liquor illicitly into the state has come under police scanner. The prevention of crime branch (PCB) of Vadoadra has undertaken a major operation to crack down on the gang and seize the liquor stock as well as nab the gang members.

On Saturday, the PCB seized a huge stock of liquor worthRs 38 lakh near Golden Chowkdi on the national highway.

Over 33,600 bottles were found from a container that was on its way to Halol road. In the last eight months, the PCB has seized liquor worth over Rs 1.2crore that was being smuggled by the Bishnoi gang into the city.

“We have been getting tip-offs about the movement of vehicles loaded with liquor being supplied by the Bishnoi gang.

Also, we understand their modus operandi and are able to detect the liquor boxes they hide in the vehicles. Our teams have made a major dent in their illicit business this year,” said inspector S D Radada of PCB.

https://timesofindia.indiatimes.com/city/vadodara/bishnoi-gang-smuggling-liquor-worth-12-crore-under-police-scanner-vadodara-news/articleshow/106074566.cms

Bengaluru, Dec 12 (UNI) Tata Steel officials, in collaboration with the Bengaluru Police, conducted a raid on a retailer located in Virgonagar, for infringing the Tata brand name and selling counterfeit Tata branded Chaff Cutter blades illegally.

The products were being sold under the registered ‘TATA’ trademark and branding in an attempt to deceive consumers into believing that they were purchasing genuine Tata products.
Upon receiving information about the unscrupulous activity, Tata Steel along with the Bengaluru Police conducted the raid on the retailer and seized the counterfeit products on December 9. An FIR has been registered against the party under the provisions of the Copyright Act 1957.

https://www.uniindia.com/tata-officials-bengaluru-police-conduct-raid-to-seize-fake-tata-products/south/news/3104104.html#google_vignette