ADVERTISEMENTS: 2. Let us first talk about the Importance of consumer protection act 1986-From Consumer’s Point of View; From Business Point of view; Now when I talk about the importance from consumer point of view, some of the points are highlighted below. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices in order to gain an advantage over competitors or to mislead consumers. The historical aspect implies that the consumers’ concept took shape when the market economy evolved with great strides. Consumer Protection has a broad program. Importance of Consumer Protection : 1. World Consumer Rights Day 2020 Celebration : The consumer movement marks 15th March with World Consumer Rights Day every year, as a means of raising global awareness about consumer rights and needs. Importance of Consumer Protection Act. The COPRA, 1986 as a result of intense bargaining for the right of consumers all over the world. Consumer protection policies play an important role in the protection of the consumers from the poor services, misleading advertisements and hazardous goods that present in the situation. Consumer Ignorance: Consumer Protection Act 1986 provides information to ignorant consumers regarding their rights and duties. Important highlights of the Consumer Protection Act, 2019 are as follows:- 1. Trading became exceedingly fierce, and the pressure of traders on the consumer began to increase at the same speed. The Consumer Protection Laws in India received a significant boost after the introduction of the Consumer Protection Act of 1986. It is irrefutable that, to a considerable extent, legal and non-legal actions are effective in administering justice for consumers. Celebrating the day is a chance to demand that the rights of all consumers are respected and protected, and to protest against market abuses … We need physical protection of the consumer, for example protection against products that are unsafe or dangerous to his health and welfare. Importance Of Consumer Protection. 2.1 The General Principles for Financial Consumer Protection KSA 2.2 Consumer Responsibilities PART 3: OUR KEY COMMITMENTS 3.1 Terms and Conditions 3.2 Fees, Charges and Pricing 3.3 Data Protection and Confidentiality 3.4 Advertising and Marketing Communications 3.5 Account Opening 3.6 Account Switching 3.7 Cards 3.8 Internet Banking And moreover, the right granted to consumers under consumer protection laws in India. Central Consumer Protection Authority (CCPA): The Act seeks the creation of CCPA to address the issue of false and misleading advertisement which are prejudice to the interest of … All these contracts refer to the provisions governing bank loans or loan contracts. Consumer Protection Act: Consumer Protection Act In India 1450 Words | 6 Pages. Importance of Consumer protection from Business Point of view. CONSUMER PROTECTION It is the need to protect consumers against exploitative and unfair trade practices like adulteration and false advertising of the sellers. 3. They have a low power and businessmen exploit consumers. 2. Therefore, business should also join hands in protecting consumers’ interest. Consumer protection provides safeguard to consumers from such exploitation. Consumer protection refers to protecting the interest of consumers. The importance of consumer Legal Protection. They are not well organized. The 2019 Act introduces a new explanation to the term Consumer through Section 2(7) of the Act. The Consumer Protection Act came into force and the Consumer Ombudsman started working in autumn 1978. Consumers protection is needed against all types of pollution so that they can enjoy a … There is a great importance of a consumer protection law. In this article, the author will discuss important concepts. Trading became exceedingly fierce, and traders’ pressure on the consumer increased at the same speed. Here we need consumer protection. Importance for consumer’s point of view. It not only requires a judicial machinery for protecting the interests of consumers but also requires … The majority businesses are known to be honest and trustworthy for the goods they sell and the services they offer, but some business are not honest hence consumers are not treated fairly and justly. The Consumer Protection Act, 1986 is the most important legislation enacted to provide for effective safeguards to consumers against various types of exploitations and unfair dealings, relying on mainly compensatory rather than a punitive or preventive approach. (2) Provide Market Information: Majority of the consumers have no information about quality, type, price and other marketing facilities. The Consumer Protection Laws in India received a significant boost after the introduction of the Consumer Protection Act of 1986. Importance of Consumer Protection: (1) To Organize Consumers: Indian consumers are scattered over a wide geographical area. It not only includes educating consumers about their rights and responsibilities, but also helps in getting their grievances redressed. But it is observed that this application is neglected by some businessman and they are involved in the unfair practices so there is a need for consumer protection. Many … by the producers on the origin of tastes, likings, preferences etc. Importance of consumer protection. They provide credit protection, debt collection protection, identity theft protection, and bankruptcy and reorganization protection. Consumer protection is needed because of following: 1. Ignorant consumers are given information relating to consumer rights and remedies. Impart Market Information- Most of the consumer is clueless, and have no information about the product they are buying and this might cause them losses. So, … The COPRA, 1986 was a result of intense bargaining for the right of consumers all over the world. Businessmen cannot survive for a long time by ignoring the interest of consumer. Federal and state consumer protection laws have typically focused narrowly on consumer welfare and are directed at misleading or confusing information about products and services. Explain the importance of consumer protection from the point of view of a business. Consumer want protection against deceptive and unfair trade and market practices. From the Point of View of Business: Business needs consumers as much as consumers need business. What are the issues in Consumer Protection? Importance of Consumer Protection. In honour of the 40th anniversary of Finnish consumer protection, we listed items where consumer protection has improved the position of consumers or made their everyday lives easier. The producer should produce good keep in mind the requirements of consumers and satisfy the consumer. The importance of consumer legal protection consumer protection is one of the areas that received development around the second half of the 20th century. Physical Safety- Some products are adulterated and can hamper consumer health. Consumer protection is a group of laws and organisations that are designed to ensure the rights of consumers. of the consumers. Read on for an introduction to the Consumer Protection Act. Importance Of Consumer Protection Act 1986 1911 Words | 8 Pages. 1199 Words 5 Pages. This may endanger their life and due to this a consumer needs to be protected. Consumer protection measures are often established by law. With the advent of the industrial revolution, there are now a slew of new products flooding the market. Show More. Importance of consumer legal protection. Consumer protection provides following benefits to businessmen: Unorganized Consumers: In developing countries like India, consumers are not organized. Importance of Consumer Protection: Consumer Point of View: To shape Consumers- Indian customers are not well-organised, and vendors exploit them easily. The following factors make consumer protection important. It is also important to note that the Consumer Protection Act 2019 has expanded the definition of the term ‘Consumer’ in order to include individuals who engage in offline or online transactions through electronic means or by teleshopping or direct selling or multi-level marketing. Consumer protection laws work to protect you against improper business practices. 706 Words 3 Pages. Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection safe guard, the … Large number of consumers are exploited by manufacturers. Topic: Importance of Consumer Protection Subject: Consumer Protection & Business Ethics. They have to give due importance to consumer if they want to prosper in competitive market. Consumer protection is one of the areas that received development around the second half of the 20th century. Class: F.Y.B.Com Teacher: Mr. Zagare G. B. 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