Prime Minister Narendra Modi on Thursday said that a new consumer protection law is being planned, with an aim to protect people. While speaking at the International Conference on Consumer Protection for East, South and South-East Asian Countries, Modi said that a stringent legislation will be in place to protect consumers from misleading ads as well as ensure that grievances are redressed in an effective way. In the two-day meet, discussions will be held on the steps taken by Asian nations to implement United Nations guidelines on consumer protection. 20 countries including China, Singapore, South Korea, Bangladesh, and Sri Lanka are participating in the event.
At the event, PM Modi highlighted the GST law, which he said will benefit consumers in the long run as prices would come down because of competition among manufacturers. He stressed on the protection of consumer interests as a priority of the government. He said that in the long term, GST will benefit consumers as they will not be cheated once they become more aware of the law. He said, “Moving beyond Consumer Protection, New India will have Best Consumer Practices and Consumer Prosperity.” Modi said that a process is in place to enact a new Consumer Protection Act keeping in view business practices and requirements of India. He added that the proposed Act lays big emphasis on consumer empowerment. Here are 5 things about the upcoming consumer protection law, as revealed by PM Narendra Modi:
1. Stringent provisions have been proposed against misleading advertisements. A Central Consumer Protection Authority with executive powers will be constituted for quick remedial action.
2. The government is coming up with this new law while replacing the Consumer Protection Act 1986. It will incorporate the revised 2015 UN guidelines on consumer protection.
3. When it comes to GST, consumers can now see on receipts the tax they are paying to the Centre and states. GST would encourage competition among companies that would results in fall in prices of goods, benefiting poor and middle-class consumers.
4. Modi said the government has enacted a new Real Estate (Regulation and Development) Act to protect home buyers interest. The RERA legislation would protect buyers from builders monopoly, he said while highlighting key provisions of this real estate law.
5. In the last three years, the government has launched several consumer programmes like new real estate law, new BIS Act, UJJWALA scheme, DBT (direct benefit transfer).