Kolkata: Consumer goods major and cigarette maker ITC Ltd. on Friday questioned the rationale of selling duty-free cigarettes at airports and sought the Indian regulatory framework to be aligned for making the country globally competitive.
Addressing the shareholders at the company's annual general meeting here, its chairman Y.C. Deveshwar also called for "unambiguous, simple and transparent" policies and procedures which do not curb entrepreneurial initiative.
The industry veteran wondered while other cigarettes produced in the country were subject to heavy taxation "why should our airports sell duty-free cigarettes?"
Deveshwar said: "Our 100-year-old cigarette business is under severe regulatory pressure."
The industry veteran said duty-free shops are also providing a cover for smugglers.
31/07/15 New Kerala
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Addressing the shareholders at the company's annual general meeting here, its chairman Y.C. Deveshwar also called for "unambiguous, simple and transparent" policies and procedures which do not curb entrepreneurial initiative.
The industry veteran wondered while other cigarettes produced in the country were subject to heavy taxation "why should our airports sell duty-free cigarettes?"
Deveshwar said: "Our 100-year-old cigarette business is under severe regulatory pressure."
The industry veteran said duty-free shops are also providing a cover for smugglers.
31/07/15 New Kerala
