New Delhi, April 1 (PTI), there were 206 cases against imports of unqualified goods that violated intellectual property rights, the Indian Standards Bureau and FSSAI specifications, with value of ₹20662 million, which has been booked by the Tax Intelligence and Customs Site Bureau until February, the fiscal year, was informed by the Parliament on Tuesday.
In response to Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said tax intelligence under the CBIC and the local directors on site maintained a continuous vigil to inspect the import of unqualified goods to India.
“In the current 2024-2025 (until February 2025), there were 206 cases against importing unqualified goods that violated IPR, BIS and FSSAI specifications ₹Under the Customs Act of 1962, Rs 20662 crore has been booked by the Tax Intelligence and Customs Bureau Bureau,” he said.
In another reply, he said that nearly 10 years have passed since India reviewed its model bit (BINF Treaty), and people need to review certain provisions in the Indian model to achieve an overall balance between investor-friendly and state regulatory powers.
In order to encourage sustained foreign investment, in the spirit of “first development of India”, it has signed with the United Arab Emirates (UAE) and Uzbekistan in 2024.
India revised its model bits in 2015, which was used as a starting point for renegotiation of existing and future bits.
He informed that after 1991 and 2014 economic reforms, India has signed bilateral investment treaties with 83 countries, of which 74 have been ratified and implemented.
According to the revised model position in 2015, countries that have decided to end and renegotiate the existing treaty under the revised model position.
Since then, India has signed contracts with Belarus, the Kyrgyz Republic, the Treaty on Investment Cooperation and Promotion (ICFT) with Brazil, the UAE and Uzbekistan.
It is also signed between the Taipei Association of India and the Taipei Economic and Cultural Center.
“Bit provides a reciprocal commitment to protect private foreign investments in each other’s countries. These aim to increase comfort and increase investor confidence by ensuring a level of competitive environment and providing investors with a favorable investment environment,” he said.
