Consumer Protection Act Flashcards, test questions and answers
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What is Consumer Protection Act?
The Consumer Protection Act 1986 is an important piece of legislation that was designed to provide protection to consumers against unfair trade practices. The act provides consumers with the right to file complaints and seek redressal in cases where they have been cheated or misled by deceptive business practices. It also ensures that companies are held accountable for their actions and makes them liable for any losses suffered by consumers due to their negligence or lack of care. This law has helped improve consumer confidence in India, as it provides a much needed safeguard from unethical marketing tactics used by unscrupulous businesses.The Consumer Protection Act 1986 applies to all goods and services sold within India, regardless of whether they are imported or domestically produced. Under this law, businesses must adhere to certain standards when dealing with customers; these include providing accurate information about products/services and pricing, meeting delivery deadlines, honoring guarantees made at the time of sale, etc. Furthermore, it stipulates that if a customer’s complaint is not addressed satisfactorily within two months after filing it then he/she can approach the appropriate state-level consumer dispute redressal forum (or district forums in some states). These bodies are empowered to order compensation up to Rs 5 lakhs (Rs 50 lakhs in case of death) along with other remedies such as replacement/repairing/refunding money paid as per the situation.In addition to protecting consumers from unfair trade practices, the Consumer Protection Act 1986 has also helped strengthen competition among businesses in India by increasing transparency and fairness between buyers and sellers. Furthermore, this law has enabled large numbers of small traders who were previously unable to protect themselves from exploitation establish viable businesses through improved access legal support provided under this legislation. Overall, the implementation of Consumer Protection Act 1986 has had positive effects on both customers and companies operating within India; it serves as an important reminder that ethical business practices should be followed at all times so as ensure a better future for everyone involved producers and purchasers alike.