Selasa, 18 Oktober 2011

Consumer Protection Laws Promise Safety for Every Businessman

Owing to the increasing number of business scams in the last few years, certain laws and regulations have been initiated so that businessmen can stay safe and conduct their respective ventures with ease and flexibility. It’s the consumer protection laws that have been introduced in order to stop unfair trade competitions. With the initiation of such laws, businessmen can now stay miles from getting involved in illegal practices. In fact, these laws will ensure extra protection for those who are not able to protect themselves from encountering business blows.

As far as the expression ‘Consumer Protection Laws’ is concerned, it refers to a set of government regulations that are designed to safeguard the rights of consumers. Suppose, the government of a certain nation might feel necessary to start businesses through which detailed information about various products can be disclosed. The businesses should be conducted in such areas where public health or safety has always stood as an issue. The consumer protection in this respect will stand relevant in the context of ‘consumer rights’. These rights refer to those that are designed for consumers only.

Finance Solution
Now, who is a consumer? A consumer is a person who receives goods or services for ownership and not for resale or manufacturing use. By promoting competition in the economic markets, the consumer interests can be protected. This can moreover serve consumers directly or indirectly who have been consistent with economic efficiency.

Very few people are aware of the aims and objectives of the Consumer Protection Act that came into force on 24th April, 2009. Let’s have a look at a few of them:

This act was promoted to improve standards related to consumer information.

Introduce an enforcement framework in relation to the agreements and transactions of consumers.

Set up the National Consumer Commission.

Set up national standards to assure consumer protection.

The Author feels that The Consumer Protection Laws are not applicable for goods supplied to the state; for credit agreements as per the National Credit Act as well as for services under contracts and it is very much important to get the things done.

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