Fema & Consumer Protection Act Essay Example
Fema & Consumer Protection Act Essay Example

Fema & Consumer Protection Act Essay Example

Available Only on StudyHippo
  • Pages: 2 (489 words)
  • Published: April 5, 2017
  • Type: Analysis
View Entire Sample
Text preview

The Foreign Exchange Management Act (FEMA) was introduced in 1999 to replace the Foreign Exchange Regulation Act (FERA). It plays a vital role in economic reforms and creating a more liberalized environment. FEMA applies to all branches, offices, and agencies outside India that are owned or controlled by an Indian resident. Its primary goal is to promote investor-friendly policies through the imposition of monetary penalties and fines for any violations. By easing restrictions on foreign exchange, FEMA aims to facilitate smoother international transactions.

The Foreign Exchange Management Act (FEMA) has been revised to classify any offense in foreign exchange as a civil offense rather than a criminal offense. This Act designates the Reserve Bank of India (RBI) with an important role in administering FEMA for the purpose of promoting orderly development and maintenance of the foreign exchange market. In partnership with the Central Government, the RBI establishes rules, regulations, and norm

...

s for various sections of this Act.

  • Consumer physical protection is ensured.
  • Consumers are protected against deceptive and unfair trade practices.
  • Consumers are safeguarded against all forms of pollution.
  • Protection is provided against abuse of monopoly position and/or restrictive trade practices.
  • Consumer rights are safeguarded.

The marketplace acknowledges consumer interest as a crucial element of enlightened marketing mix.

Both business and consumerism have the same goal of safeguarding consumer interests, but through different approaches. Business emphasizes self-regulation, while consumerism focuses on self-help. When a business acts inappropriately and neglects its obligations, consumerism calls for government intervention. The process for submitting grievances and seeking resolution is straightforward, and no fee or stamp paper is necessary when filing a complaint with the District Forum, State

View entire sample
Join StudyHippo to see entire essay

Commission, or National Commission.

When submitting a complaint, it is required to provide 3 to 5 copies on plain paper. The complainant or their authorized representative can choose to either personally deliver the complaint or send it by mail to the appropriate Forum/Commission. The complaint should contain specific information such as the complainant's name, description, and address, along with the opposing party or parties' name, description, and address (if known).

It is necessary for either the person who filed the complaint or their authorized representative to sign it. The complaint must provide specific information, including the date, location, and circumstances of the incident. Additionally, any supporting documents that verify the claims mentioned in the complaint should be included. Lastly, state what resolution or assistance is being requested by the complainant.

The complaint must be submitted within two years of the occurrence of the cause of action. The Redressal Forums can provide various forms of relief depending on the consumer's desired outcome and the facts surrounding the case. These reliefs may include fixing any defects in the goods, replacing the goods, refunding the original purchase price, compensating for any losses or injuries, correcting service defects or deficiencies, stopping unfair or restrictive trade practices, prohibiting the sale of hazardous goods, or awarding costs to the parties involved.

Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New