Counterfeit notes in the denomination of ₹500 (new design notes), increased by 121.0 per cent, while in ₹2000, it increased by 21.9 per cent
during 2018-19
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India: The counterfeit instances among new series of Rs 500 and Rs 2000 have also increases since their inception, says the latest
RBI
annual report. Counterfeit notes among the new design notes of Rs 500 more than doubled with an increase of 121 per cent whereas those of Rs 2000 increased by 21.9 than the previous year during 2018-19, going by the report. “We propose to focus on robust IP based technology for security features.
Make in India
can be one thing which will give better control over the processes to the government and thus curbing the counterfeit menaces in the industry which in turn will obviously contribute to PM’s vision of $ 5 trillion economy,” Nakul Pasricha, President, Authentication Solution Provider Association (ASPA) told Financial Express Online.
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Judges: National GDP growing at 5%, counterfeit goods at 10%
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India: The counterfeiting market in India has grown to such an extent that it is overshadowing efforts by law enforcement to curb it, said judicial and police officials. Ullas Kamath, Chairman of the Karnataka State Council, Federation of Indian Chambers of Commerce & Industry (FICCI) said that while the national GDP was growing at a rate of 5%, the GDP of counterfeit goods was growing at nearly 10%.
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Judges: National GDP growing at 5%, counterfeit goods at 10%
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India: The counterfeiting market in India has grown to such an extent that it is overshadowing efforts by law enforcement to curb it, said judicial and police officials. Ullas Kamath, Chairman of the Karnataka State Council, Federation of Indian Chambers of Commerce & Industry (FICCI) said that while the national GDP was growing at a rate of 5%, the GDP of counterfeit goods was growing at nearly 10%.
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The Consumer Protection Bill 2019 has been passed by Parliament, replacing the more than three decades old Consumer Protection Act, 1986. While the earlier law did cover unfair trade practices, the current one makes it more comprehensive. It is a major step forward in consumer empowerment. One of the salient features of the Bill is Product liability clause.
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Fake spare parts’ growth beats auto sales
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The Rs 22,000-crore counterfeit auto parts industry — growing faster than car and bike sales, and which doubled in the last five years — is giving headaches to original equipment manufacturers (OEMs). According to the Authentication Solution Providers’ Association (ASPA), the overall counterfeit product industry in India is worth Rs 1 lakh crore, causing the government tax losses of Rs 40,000 crore.
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Netherland invite bid for 800 million tax stamps
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Dutch tax authority has invited tender for production and distribution of approximately 800 million tax stamps per year. Currently, for the manufacture of Dutch tax stamps, Dutch Customs has concluded one single Framework Agreement with one single contracting partner. This Framework Agreement will expire on 20 November 2020. The Contracting Authority views the purpose of this tender as a continuation of the tax stamp process, and its intention is to contract this tax stamp process again with one single qualified supplier for the origination and production of tax stamps, and to contract the order portal and distribution of tax stamps with one single qualified supplier.
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India needs to assure regulation for domestic drugs
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While Indian pharma exports were regulated years ago, the time has come to start a new era for anti-counterfeiting domestic regulation. In a candid conversation, Nakul Pasricha, President, Authentication Solutions Providers Associations (ASPA), reveals more to Akanki Sharma.
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Philippines invite bid for enhancing tobacco tax stamp security
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The APO Production Unit, Inc., through the Approved Annual Procurement Plan (APP) for CY 2019 intends to apply the sum of Four Hundred Fifty Million Pesos (PhP 450,000,000.00) being the Approved Budget for the Contract (ABC) for the first year, or a total of One Billion Eight Hundred Million Pesos (PhP 1,800,000,000.00) for a period of four (4) years to payments for the Procurement Of Security Features, Enhancement And Application Support/Maintenance Of Internal Revenue Stamps Integrated System (IRSIS) For Tobacco (PB-18-19).
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An important event of Tax Stamp industry, the 9th Tax Stamp Forum is going to take place next month on 11-13 September, in Budapest, Hungary. With over 200 delegates, the event is going to set stage for discussing the latest
developments in tax stamp and traceability systems from across the globe. ASPA is also going to be part of the forum and presenting a paper on
Key Learnings – Hit and Miss Trends and Developments in Tax Stamps in India.
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Latest Authentication & Traceability Tender
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Anti-Counterfeiting Regulatory Updates
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