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Consumers are said to be the king in a free market economy, The earlier approach of Caveat Emptor which means u2018Let the buyer bewareu2019 has now changed to Caveat Venditor which means u2018Let the seller bewareu2019.
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Consumer Protection Consumers are said to be the king in a free market economy, The earlier approach of Caveat Emptor which means ‘Let the buyer beware’ has now changed to Caveat Venditor which means ‘Let the seller beware’. With growing competition and increased sales and market share, manufacturers and service providers are engaged in unhealthy, exploitative and unfair trade practices. This means that a consumer might be exposed to risk due to unsafe products, misleading advertisements etc. Thus, there is a need for providing adequate protection to consumers against such practices of the sellers.
What is consumer protection Consumer protection refers to ‘the protection of physical, economic and other interest of the consumers from exploitation by the business community’. The consumers are being protected by restricting the mall practices through legislature and other measures.
Importance of consumer protection Consumer protection has a wide agenda. It not only includes educating consumers about their and responsibility but also helps in getting grievances redressed. Consumer protection has a special significance to both consumers and business persons. From the view of consumers. The importance of consumer protection from the view of consumers are,
1. Consumer Ignorance There is a widespread ignorance of consumers about their rights and reliefs available to them, it becomes necessary to educate them about it to achieve consumer awareness. 2. Unorganized consumers Consumers need to be organized in the form of consumer organizations which would take care of their interest. In India, there are many consumer organizations which are working in this direction, adequate protection is required to be given to consumers till these organizations become powerful enough to protect and promote the interest of consumers.
3. Widespread exploitation of consumers Consumers might be exploited by unscrupulous, exploitative and unfair trade practices like defective and unsafe products’ adulteration, false and misleading advertising, hoarding, black marketing etc. From the point of view of business community A business must also lay emphasis on protecting the consumers and adequately satisfying them because of the following,
1. Long term interest of business g Modern business realizes that it is in their long term interest to satisfy their customers. Satisfied customers not only lead to repeat sales but also provide good feedback to prospective customers and thus helps in increasing the customer base of business. Thus, business firms should aim at long term profit maximization through customer satisfaction. 2. Business uses society resources Business organizations use resources which belong to the society. Thus, they have the responsibility to supply such products and render such services which are in public interest and would not damage public conscience in them.
Legal protection to consumers • The Indian legal framework consists of a number of regulations which provide protection to consumers. The legal protections are, • The Consumer Protection Act -1986 • The Indian Contract Act -1872 • The Sale of Goods Act -1930 • The Essential Commodities Act -1955 • The Agricultural Produce Grading and Marketing Act -1937 • The Prevention of Food Adulteration Act -1954 • The Standards of Weights and Measures Act -1954 • The Trademark Act -1999 • The Competition Act -2002 • The Bureau of Indian Standards Act -1986
Who can file a complaint • Any consumer can file a complaint on his own or her own and does not require the services of advocate or professionals. • Any registered consumer association. The central government or any state government. • After all it’s the responsibility of the business community to look after the consumer rights, safety and interest for a long term functioning of the company so that the company does not drop its increasing consumers. The associations of trade, commerce and business like Federation of Indian Chambers of Commerce of India(FICCI) and Consideration of Indian Industries(CII) have laid down their code of conduct for their members, the guidelines in their dealings with the customers. So for every health working of a company to require to follow every code of conduct against the consumers.
