The Consumer Protection Bill, 2019 was passed by the Lok Sabha today.
The main objective of the bill is to protect the interests of consumers by instituting authorities for timely and competent administration, and settlement of consumers’ dispute.
The bill requires the Central government to set up a Central Consumer Protection Authority in order to protect, promote and enforce consumer rights. The Central Consumer authority will be vested with the power to impose penalties on a manufacturer or an endorser to a maximum of 10 lakh rupees and imprisonment of up to two years, in cases of misleading and false advertisements.
The bill also empowers the authority to make interventions whenever necessary to prevent the unfair trade practices, and initiate class-action which may include return, refund and recall of products. Additionally, the Bill also provides for provision to set up Consumer Disputes Redressal Commissions at the district, state, and national levels.
Justice Anjushree Juyal, who adjudicates consumer cases in Uttrakhand hailed the passing of the bills as a much-needed reform, and a way for quick redressal of the aggrieved consumers.
The nature of business over the years has changed, and consumers today stand a chance of being exploited easily in the online retail age. The bill hopes to holistically safeguard the rights of the consumers.
h
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…