1. Consumer Protection Act, 1986.
2. Importance of Consumer Protection Act
a. From Consumers’ point of view:
- It is necessary to educate the customers about their rights.
- Consumers need to be organised in the form of consumer organisations which would take care of their interests.
- To protect the consumers from unscrupulous, exploitative and unfair trade practices.
b. From the Point of View of Business:
- Business firms should aim at long term profit maximization through customer satisfaction.
- Business organisations use resources which belong to the society.
- A business has social responsibilities towards various interest groups.
- It is the moral duty of any business to take care of consumer’s interests and avoid any form of their exploitation.
- A business engaging in any form of exploitative trade practices would invite government intervention or action.
