Illicit Trade

UNGA boosts global fight against illegal trade in cultural artefacts

It also acknowledged the devastating impact of illicit trafficking on cultural heritage in general, particularly in regions affected by conflicts

Need to instill fear of harsh penalties in minds of illicit traders: MoS

Minister of State for Food Processing Industries Ravneet Singh Bittu on Wednesday stressed the need for harsh penalties and cracking down heavily on the nexus of people engaged in illicit trade and activities. Addressing the 10th edition of FICCI-CASCADE's - MASCRADE 2024', Bittu said that coordination between various enforcement agencies is key to overcoming the battle against the nefarious elements ruining economic growth. "Together, we build resilient economies, fostering global collaboration to combat these threats with robust initiatives...punishment is necessary, and it is important to instill fear in the minds of perpetrators that harsh penalties are in store for them if they engage in illicit trade activities, he added. Central Board of Indirect Taxes and Customs (CBIC) member Rajiv Talwar said the board is serving as the fulcrum in the movement against counterfeit goods and smuggling. "We have built a technology-driven risk management portal with very wide capabilities tha

Illicit trade casts shadow on India's $5 trn economy aim progress: Thakur

To do so, we must strengthen our law enforcement agencies, enhance international cooperation, and enact stringent measures to combat illicit trade at its roots," he said

After 8 months of old excise policy, over 168,000L of illicit IMFL seized

In the first 8 months of implementation of old excise policy in Delhi since September 2022, more than 1.68 lakh litres of illicit Indian-made foreign liquor (IMFL) and over 3,800 litres of foreign liquor was seized by the Excise department of Delhi government. In the same period, 57,333 litres of country liquor was also seized by the enforcement teams of the Excise department, said a senior officer of the department. Total 282 excise cases were registered and 280 people were arrested in various offences. More than 100 vehicles, mostly used in inter-state smuggling, were also impounded, he said. The Delhi government last year withdrew its new excise policy 2021-22, after a CBI probe was recommended by Lt Governor VK Saxena into alleged violation of rules and procedural lapses in its implementation. The policy implemented on November 17, 2021 was wrapped up on August 30, 2022. The government went back to old excise policy that was in operation prior to November 17, 2021. The enforc

Smuggling can slow march to $40-trillion economy, says FICCI report

The FICCI CASCADE has urged the government to launch a robust international campaign against the menace of smuggling

Indian-American convicted of making illicit profits worth $7.3 million

An Indian-American former IT professional has been convicted of four counts of securities fraud in California for using a publicly traded company's confidential inside information

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Illicit drugs business in Assam is worth Rs 5,000 cr annually: CM

Highlighting that trade in illegal drugs in Assam is worth about Rs 5,000 crore annually, Chief Minister Himanta Biswa Sarma Sunday urged the police to be unrelenting in their war on drugs

India saw Rs 6.14 trillion, or 3% of GDP, escape tax net in 2017: Report

The report said a staggering $8.8 trillion value gap was identified in trade between 135 developing countries and 36 advanced economies over the period of 2008-2017.

Enhance awareness to check illicit trade: Ficci-KPMG report

It also said funds generated through such trade practices are used for terror financing and organised crime