18th December, 2024
FICCI CASCADE organized a thought-provoking Twitter Space programme, featuring Mr. P C Jha, Advisor, FICCI CASCADE & Former Chairman, Central Board of Indirect Taxes and Customs, on 18th December 2024. The session, titled “Combating Illicit Trade through Effective Enforcement” served as a dynamic forum to discuss the critical role of enforcement agencies in addressing the challenges posed by illicit trade. Mr. Jha highlighted how effective enforcement and strong deterrence mechanisms are pivotal in curbing the spread of illegal trade activities, which undermine legitimate businesses and the economy. The discussion emphasized the need for capacity building among enforcement officers, the adoption of advanced detection technologies, and the formulation of stricter punitive measures to deter offenders.
The session also explored the importance of public awareness in combating illicit trade effectively. Mr. Jha emphasized the need to educate consumers about the wide-ranging consequences of purchasing counterfeit and illegal goods, including revenue losses for governments and potential risks to consumer health and safety. Additionally, he explored the connection between taxation rates and the prevalence of illicit trade, pointing out that excessively high taxes on certain products could incentivize smuggling and illegal trade. He recommended a balanced approach to taxation, coupled with strong enforcement and widespread public awareness campaigns, as a crucial strategy to comprehensively address this complex issue.
Furthermore, the session emphasized the need for cross-border collaboration and intelligence sharing among nations. Illicit trade is a global issue that transcends national boundaries, requiring coordinated efforts to disrupt supply chains and dismantle organized criminal networks. By adopting harmonized policies and leveraging global partnerships, countries can create a unified front against these illegal activities. The discussions underscored the importance of fostering innovation in enforcement mechanisms, such as utilizing blockchain technology and digital authentication tools, to enhance traceability and accountability across supply chains.
In conclusion, the session fostered a dynamic exchange of ideas among participants, paving the way for collaborative strategies to combat illicit trade and safeguard the economy.
The virtual program garnered enthusiastic participation from 5,000 attendees worldwide.
