Counterfeits to hurt India’s manufacturing sector: A report
The activities of counterfeiting and smuggling are presenting a bigger challenge for enforcement authorities and governments globally and in India. As per World Customs Organisation’s (WCO) estimates, approximately 3 billion pieces of counterfeit and pirated products were seized in 2013. Of these, more than half of the reported goods were illicit pharmaceutical products (2.3 billion pieces), followed by electronic appliances (470 million pieces), other taxable products (95 million) and foodstuff (50 million), amongst other commodities. For other industries such as tobacco, a significant rise in illicit trade have been reported. It indicated that in 2012 the illicit trade, rose to 40 percent making tobacco trafficking, a serious issue for customs organisations.
Related Posts
How mobile shopping is giving the cycle trade counterfeiting headaches
With retail spend via mobiles and tablets forecast set to hurtle toward £53.6bn a...
Pricey cloud of smoke over BAT
The Wall Street Journal reported last week that the British tax authority, Her...
Smuggling, corruption, high costs, lack of government support have destroyed Guyana’s manufacturing
There are several factors that contributed to the demise of Guyana’s once...
FBI gives pointers on spotting fake cosmetics
Counterfeit cosmetics are increasingly being found in the US and in some cases...