US government to crack down on counterfeit goods sold online. India mulls tougher norms for high-value gems and jewellery transactions.
...Is Not Gold: The US government is preparing to take on the sale of imported counterfeit goods over the internet, a practice that it says undermines US technology and manufacturing, harms bricks-and-mortar retailers, and endangers consumers.
The War Against Fakes: This involves new laws and regulations governing e-commerce, more power to authorities to investigate shipment, and threatening industry giants with penalties if they fail to take action against fakes. WSJ
Tightening the Noose: The Finance Ministry is reportedly considering proposals to toughen norms on high-value transactions in the gems and jewellery sector, among others. One suggestion is to link high-value transactions with the Aadhaar card number or another identity document. Another proposal pitches making gem and jewellery dealers a reporting entity under the Prevention of Money Laundering Act (PMLA). You can read details here.
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