New Delhi, Apr 1 (PTI) A complete of 206 cases against import of substandard goods violating mental property rights, Bureau of Indian Requirements, and FSSAI norms, valued at ₹206.62 crore, have been booked by Directorate of Income Intelligence and customs discipline formations till February this fiscal, Parliament was knowledgeable on Tuesday.
In a reply to the Lok Sabha, Minister of State for Commerce and Trade Jitin Prasada mentioned Directorate of Income Intelligence and Customs discipline formations underneath CBIC maintain fixed vigil to verify import of substandard goods into India.
“Within the present 2024-2025 (upto February, 2025), a complete of 206 cases against import of substandard goods violating IPR, BIS and FSSAI norms, valued at ₹206.62 crore, have been booked by Directorate of Income Intelligence and Customs discipline formations underneath Customs Act, 1962,” he mentioned.
In a separate reply, he mentioned nearly 10 years have handed since India reviewed its Mannequin BIT (bilateral funding treaty), a necessity was felt to assessment sure clauses in India’s Mannequin BIT to strike an total stability between investor friendliness and state’s regulatory energy.
To encourage sustained international funding and within the spirit of ‘first develop India’ BITs have been signed in 2024 with the United Arab Emirates (UAE) and Uzbekistan.
India revised its Mannequin BIT in 2015 which was used as the place to begin for renegotiations of current and future BITs.
He knowledgeable that publish 1991 financial reforms and as much as 2014, India has signed Bilateral Funding Treaties with 83 international locations out of which 74 had been ratified and enforced.
Primarily based on the revised Mannequin BIT in 2015, it was determined to terminate the present treaties with international locations whose preliminary validity interval bought over and re-negotiate based mostly on the revised Mannequin BIT.
Since then, India has signed BITs with Belarus, Kyrgyz Republic, Funding Cooperation and Facilitation Treaty (ICFT) with Brazil, UAE and Uzbekistan.
It has additionally been signed between India Taipei Affiliation and Taipei Financial and Cultural Centre.
“BITs present for a reciprocal dedication to guard the personal international investments in one another’s international locations. These are supposed to extend the consolation stage and increase the boldness of buyers by assuring a stage taking part in discipline and offering conducive funding local weather to buyers,” he mentioned.
Source link
#cases #import #substandard #goods #booked #DRI #customs #Feb #fiscal
