Misdeclaration, undervaluation emerging as innovative methods of smuggling: FICCI
Misdeclaration, undervaluation, false representation are fast emerging as 'innovative methods' of smuggling, according to industry body FICCI CASCADE.
Misdeclaration, undervaluation, false representation are fast emerging as 'innovative methods' of smuggling, according to industry body FICCI CASCADE. Citing a study it conducted, industry chamber FICCI's anti-smuggling and anti-counterfeiting arm, FICCI CASCADE, said the seizure value for misdeclaration of goods stood at Rs 1,187 crore in 2016, while that of undervaluation of goods stood at Rs 254 crore.
The seizure value from misuse of end use was at Rs 770 crore and the seizures from other means was at Rs 2,780 crore, seeing a rise of 191 per cent from Rs 953 crore in 2015, it added.
"This suggests evolution of means of smuggling in India with the need for effective policies to deal with the issue," FICCI CASCADE said in a statement. It further said, "Misdeclaration, undervaluation, false representation (are) fast emerging innovative methods of smuggling."
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Smuggling in India takes place in various forms - mis-declaration, undervaluation, misuse of end use and other means, it added. The market for contraband and smuggled goods is thriving in India and today is also one of the biggest challenges faced by the Indian industry and government, the industry body said.