Consumer Protection Keywords

Purpose of Consumer Protection Act 2019

- legal protection to safeguard interests of a consumer.

 

caveat emptor - Let the buyer beware.

caveat venditor - Let the seller beware.

Unethical Malpractices by businesses (Problems of consumers)

  1. Sale of adulterated goods
  2. Sale of counterfeit goods
  3. Sale of sub-standard goods
  4. Sale of duplicate goods
  5. Use of malfunctioning weights and measures
  6. Black marketing and hoarding
  7. Overcharging a product
  8. Defective goods
  9. Misleading advertisements
  10. Supply of inferior services

 

Importance of Consumer Protection:

From the point of view of consumers

  1. consumers are ignorant,
  2. unorganised consumers
  3. exploitation by sellers.

From point of view of a business

  1. Long-term interest of business
  2. Business uses society’s resources
  3. Social responsibility of business
  4. Moral justification
  5. To avoid government intervention

 

Consumer Rights

  1. Right to safety
  2. Right to be informed
  3. Right to be assured
  4. Right to be heard
  5. Right to seek redressal
  6. Right to consumer education

 

Consumer Responsibilities

  1. Be honest and fair in dealings.
  2. Be aware of product quality and safety.
  3. Respect the environment.
  4. Stay informed about products and services.
  5. Keep proof of purchase.
  6. Know consumer rights.
  7. Use products as intended.
  8. Report defective or unsafe products.
  9. Avoid wasting resources.
  10. Participate in sustainable practices.

 

Consumer Disputes Redressal Machinery under Consumer Protection Act 2019

  1. District Commission: For complaints up to ₹1 crore.
  2. State Commission: For complaints between ₹1 crore and ₹10 crores.
  3. National Commission: For complaints above ₹10 crores.

 

Consumer Protection Keywords

Financial Management Keywords and Brief Notes

 Learning Activities