Consumer protection means safeguarding the interest and rights of consumers. In other words, it refers to the measures adopted for the protection of consumers from unscrupulous and unethical malpractices by the business and to provide them speedy redressal of their grievances.
What is meant by consumer protection class 12?
As per the chapter of consumer protection class 12, a consumer is said to be a person who uses and buys consumer goods or avails any consumer services. … On the other hand, consumer protection refers to protecting these consumers from any kind of frauds or mishappenings from producers’ or sellers’ end.
Why is consumer protection?
Consumer protection makes markets work for both businesses and consumers. Consumers need to be able to obtain accurate, unbiased information about the products and services they purchase. This enables them to make the best choices based on their interests and prevents them from being mistreated or misled by businesses.
What is consumer protection Class 10?
The Consumer Protection Act, implemented in 1986, gives easy and fast compensation to consumer grievances. It safeguards and encourages consumers to speak against insufficiency and flaws in goods and services. If traders and manufacturers practice any illegal trade, this act protects their rights as a consumer.
What is consumer protection in India?
The Consumer Protection Act seeks right to: protect against the marketing of goods which are hazardous to life and property; … seek redressal against unfair trade practices or unscrupulous exploitation of consumers; consumer education.
What is consumer protection business studies?
Meaning of Consumer Protection
Consumer protection is the government regulation made to protect the interests of consumers against exploitation by producers or manufacturers and ensuring maximum satisfaction.
What is Consumer Protection Act in business Studies?
This Act is based on the fairness and equality of all consumers and provides a greater level of protection from providers of goods and services. …
What are examples of consumer protection?
- Right to value for money: Products and services MUST give value for money.
- Right to Safety: Protection from hazardous products, services, and production processes.
- Right to Information: …
- Right to Choose: …
- Right to Redress: …
- Right to Consumer Education: …
- Right to Representation:
What is consumer protection agencies?
The Consumer Protection Council (CPC) is an agency of the Government of Nigeria with the mandate of addressing consumers’ complaints, providing consumer education, and encouraging trade, industry, and professional associations to develop and enforce quality standards designed to safeguard the interests of consumers.
The Consumer Protection Act 1986 is a social welfare legislation which was enacted as a result of widespread consumer protection movement. Objective •The main objective of CPA is to provide speedy and simple redressal to consumer disputes.
What are the 5 consumer protection laws?
Among them are the Federal Food, Drug, and Cosmetic Act, Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Truth in Lending Act, Fair Credit Billing Act, and the Gramm–Leach–Bliley Act.
What is the Consumer Protection Act?
The Consumer Protection Bill, 1986 seeks to provide for better protection of the interests of consumers and for the purpose, to make provision for the establishment of Consumer councils and other authorities for the settlement of consumer disputes and for matter connected therewith.
What is Consumer Protection Act 2020?
For the purposes of preventing unfair trade practices in e-commerce, the Central Government had notified the Consumer Protection (E-Commerce) Rules, 2020 with effect from 23 July 2020. … Additionally, conventional flash sales by third party sellers are not banned on e-commerce platform.