Hotline: 1800 102 2007
X
Search Business Opportunities
2011-04-15

India seeks curbing illegal bills

The report published in Thursday's Economic Times newspaper said that the initiative follows increasing realisation that global trade mispricing is now the single biggest means of moving illicit money

India along with US, Belgium and South Africa are seeking help from globally networked customs departments to prevent movement of illicit funds through wrong invoicing of exports, a recent media report said.

The report published in Thursday's Economic Times newspaper said that the initiative follows increasing realisation that global trade mispricing is now the single biggest means of moving illicit money across national borders.

Such a system can prevent loss of revenue to nations and check money laundering by expeditious interchange of crucial data. A detailed policy paper is expected to be taken up at a crucial meeting of the World Customs Organisation in June, said a finance ministry official.

Meanwhile a report by Global Financial Integrity says that trade mispricing accounted for an average of 54.7% of cumulative illicit flows from developing countries over 2000-2008.

For instance, if authorities are aware that an importer has declared value of goods lower than the price in Experts say such a system can help create a risk-based model and facilitate trade, the report added.

 

Related opportunities
  • About Us: A part of BIBA Apparels Pvt. Ltd., ‘Rangriti’ brand..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2017
    Investment size Rs. 30lac - 50lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Want to start your own preschool with different approach? HPS..
    Locations looking for expansion Andhra Pardesh
    Establishment year 2009
    Franchising Launch Date 2009
    Investment size Rs. 10lac - 20lac
    Space required 3000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Secunderabad Andhra Pardesh
  • Bakery & Confectionary
    About Us: tylish & quaint, Sassy Teaspoon is the quintessential go-to..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • GPS navigaiton & tracking system
    About Us: trackNOW Pvt Ltd. is the brainchild of a pair..
    Locations looking for expansion Gujarat
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts