New Delhi, Apr 1 (PTI) A total of 206 cases against import of substandard goods violating intellectual property rights, Bureau of Indian Standards, and FSSAI norms, valued at ₹206.62 crore, have been booked by Directorate of Revenue Intelligence and customs field formations till February this fiscal, Parliament was informed on Tuesday.
In a reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said Directorate of Revenue Intelligence and Customs field formations under CBIC keep constant vigil to check import of substandard goods into India.
“In the current 2024-2025 (upto February, 2025), a total 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 Revenue Intelligence and Customs field formations under Customs Act, 1962,” he said.
In a separate reply, he said almost 10 years have passed since India reviewed its Model BIT (bilateral investment treaty), a need was felt to review certain clauses in India’s Model BIT to strike an overall balance between investor friendliness and state’s regulatory power.
To encourage sustained foreign investment and in the spirit of ‘first develop India’ BITs have been signed in 2024 with the United Arab Emirates (UAE) and Uzbekistan.
India revised its Model BIT in 2015 which was used as the starting point for renegotiations of existing and future BITs.
He informed that post 1991 economic reforms and up to 2014, India has signed Bilateral Investment Treaties with 83 countries out of which 74 were ratified and enforced.
Based on the revised Model BIT in 2015, it was decided to terminate the existing treaties with countries whose initial validity period got over and re-negotiate based on the revised Model BIT.
Since then, India has signed BITs with Belarus, Kyrgyz Republic, Investment Cooperation and Facilitation Treaty (ICFT) with Brazil, UAE and Uzbekistan.
It has also been signed between India Taipei Association and Taipei Economic and Cultural Centre.
“BITs provide for a reciprocal commitment to protect the private foreign investments in each other’s countries. These are intended to increase the comfort level and boost the confidence of investors by assuring a level playing field and providing conducive investment climate to investors,” he said.
