The cigarette and tobacco industry is reeling under an estimated loss in production turnover of over Rs 3,500 crore as of now, as per The Tobacco Institute of India, reports CNBC-TV18’s Priya Sheth, quoting sources.
It is also understood that the Maharashtra FDA has now seized cigarettes worth over Rs 300 crore and companies have been asked to submit an undertaking that they will follow the changed regulations, say sources. Seized cigarettes will be held by Maharashtra FDA for 90 days before which the companies need to send the undertaking.
Meanwhile, industry players await clarification from government on pictorial warning regulations.
Cigarettes have been seized from various parts of the state including Mumbai, Pune, Nashik.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!