India Requires Stainless Steel Products to be Marked with ISI Due to Suspected Fake BIS Declarations
Jul 12, 2024
Emerging Markets: Asia Continues to Drive International Growth
Since the beginning of this year, the MSCI Emerging Markets Index has reached a performance of 12%. The driving force behind the index is Asia, with a surge of up to 16%.
Asia Expected to Remain a Catalyst for International Growth
Asian emerging and developing countries are likely to continue to be the driving force for international growth in the coming years, benefiting businesses and stock markets in the region. The International Monetary Fund predicts an average annual economic growth rate of 4.6% for Asia over the next five years. Analysts also expect the profit growth rate of Asian companies to reach up to 22%.
Europe: Spanish and Swiss Enterprises Leading in Profit Growth?
In Europe, it is currently expected that Spain and Switzerland will have a profit growth rate as high as 20%. In these industries, utilities (18%) and the energy sector (about 13%) may lead the highest profit growth rates, positively impacting the European market.
India: Mandatory ISI Marking for Stainless Steel and Aluminum Products
The Indian government has recently mandated the use of the ISI mark for stainless steel and aluminum kitchen utensils. According to this regulation, all stainless steel or aluminum utensils must bear the ISI mark, indicating compliance with the Bureau of Indian Standards (BIS). Failure to do so may result in severe penalties.
Massive Customs Fraud in Indian Stainless Steel Sector?
Such measures are often traced back to fraudsters. In June 2024, Indian authorities recently discovered a potential customs fraud involving fake BIS declarations and forged stainless steel import factory test certificates, the extent of which was unforeseeable at the time and is currently under investigation.
Suspicion: Thousands of Tons of Stainless Steel Affected
According to market reports, it is claimed that thousands of tons of flat-rolled stainless steel were fraudulently misreported and smuggled through Indian customs.
Summary
In the past, similar incidents have occurred in Europe and the United States. European customs authorities and the European Anti-Fraud Office (OLAF), as well as the U.S. Customs and Border Protection (CBP), are taking restrictive actions against such falsely declared imports. Therefore, whether you are an importer or not, think twice before supporting such actors, as you will inevitably find yourself in trouble.
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