206 cases against the import of substandard goods discussed by Dri, Customs to February this fiscal

New -Delhi, April 1 (PTI), a total of 206 cases against the import of substandard goods that violate intellectual property, Bureau of Indian Standards and FSSAI norms, valued at £ 206.62 crore, were discussed by the Revenue Intelligence Directorate and Customs Fields. This fission was notified on Tuesday. In a reply to the Lok Sabha, Jitin Prasada, Minister of Trade and Industry for Trade and Industries, said the Revenue Initial and Customs field formations under CBIC are constantly watching to check the import of substandard to India. “In the current 2024-2025 (until February 2025), a total of 206 cases against the import of substandard goods that violate the IPR, Bis and FSSAI norms, valued at £ 206.62 crore, discussed by the Revenue Intelligence and Customs Field Field Field Fields under the Customs,” he said. In a separate answer, he said that nearly ten years have passed since India has revised its model Bit (bilateral investment treaty), there is a need to review certain clauses in India’s model to achieve an overall balance between investor friendliness and the regulatory power of the state. To encourage sustained foreign investment and signed in the spirit of ‘First Developing India’ pieces in 2024 with the United Arab Emirates (UAE) and Uzbekistan. India reviewed its model in 2015, which was used as the starting point for renegotiating existing and future pieces. He informed that economic reforms signed bilateral investment treaties after 1991 and until 2014 with 83 countries, of which 74 were ratified and enforced. Based on the revised Model Bit in 2015, it was decided to end the existing treaties with countries whose initial validity period was over and negotiated again based on the revised model bit. Since then, India has signed bits with Belo -Russia, Kyrgyzic Republic, Investment Memetery and Facilitation Treaty (ICFT) with Brazil, the UAE and Uzbekistan. It was also signed between India Taipei Association and Taipei Economic and Cultural Center. “Bits allows for a reciprocal commitment to protect private foreign investment in each other’s countries. It is intended to increase the ease of comfort and increase the confidence of investors by ensuring a level playing field and providing a conducive investment climate to investors,” he said. Catch all the business news, corporate news, news reports and latest news updates on Live Mint. Download the Mint News app to get daily market updates. Business NewscompaniesNews206 Affairs against the import of substandard goods discussed by Dri, Customs to February this fiscal less less