What are various ways in which the objective of consumer protection can be achieved?
There are various ways, by which the objectives of consumer protection can be achieved:
1. Self-regulation by business: Business firms realize that it is in their long- term interest to serve the consumers well. Socially responsible firms follow ethical standards and practices in dealing with their customers. Many firms have set-up their customer service and grievance cells to redress the problems and grievances of their consumers.
2. Business Associations: The Associations of trade, commerce and business like Federation of Indian Chambers of Commerce of India (FICCI) and Confederation of Indian Industries (CII) have laid down certain code of conduct, which lay down for their members the guidelines in their dealings with the customers.
3. Consumer Awareness: A consumer, who is well informed about his rights and the reliefs available to him, would be in a position to raise his voice against unfair trade practices or unscrupulous exploitation. This would enable him to safeguard his interests.
4. Consumer Organisations: They play an important role in educating consumers about their rights and providing protection to them. They can also force business firms to avoid malpractices and exploitation of consumers.
5. Government: The government can protect the interests of the consumers by enacting various legislations. The legal framework in India encompasses various legislations, which provide protection to consumers. The most important of these regulations is the Consumer Protection Act, 1986, which provides three-tier machinery for redressal of consumer grievances.
Mrs. Mathur sent a jacket to a laundry shop in January 2018. The jacket was purchased at a price of ₹4,500. She had previously sent the jacket for dry cleaning with Shine Dry Cleaners and the jacket was cleaned well. However, she noticed that her jacket had white discoloration marks when she collected the jacket this time. On informing the dry cleaner, Mrs. Mathur received a letter confirming that discolouration indeed appeared after the jacket was dry cleaned. She contacted the dry cleaner multiple times and requested for compensation for discoloured jacket but to no avail.
Upon Consumer court’s intervention, Shine Dry Cleaners agreed to compensate ₹2,500 to Mrs. Mathur for the discoloured jacket.
a. Which right was exercised by Mrs. Mathur at the first instance.
b. Name and explain the right which helped Mrs. Mathur to avail the compensation.
c. State which consumer responsibility has been fulfilled by Mrs. Mathur in the above case.
d. State any other two responsibilities to be assumed by the consumers.
Under which consumer right does a business firm set up consumer grievance cell?
Explain the redressal mechanism available to consumers under the Consumer Protection Act, 1986.
FSSAI (Food Safety and Standards Authority of India) has made a proposal for hotels and other food outlets to declare the kind of oil/fat used in cooking each of the food items on their menus. Name and explain the Consumer Right being reinforced by this proposal.
Name the component of product mix that helps the consumer to exercise the right to information.
Who can file a complaint in a consumer court?
Which quality certification mark is used for agricultural products?
Enumerate the various Acts passed by the Government of India which help in protection of consumers’ interests.
State any two relief available to consumers under CPA.
Explain the importance of consumer protection from the point of view of a business.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
What is informal communication?
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
State any two advantages of branding to marketers of goods and services?
What makes principles of management flexible?
Discuss the role of SEBI in regulating the financial markets in India.
Explain the structure and components of the Capital Market.
State any two reasons why investing public can expect a safe and fair deal in the stock market. (Point w.r.t safety of Transactions – Functions of the Stock Exchange).
Ashita and Lakshita are employees working in Dazzling enterprises dealing in costume jewellery. The firm secured an urgent order for 1,000 bracelets that were to be delivered within 4 days. They were assigned the responsibility of producing 500 bracelets each at a cost of Rs 100 per bracelet. Ashita was able to produce the required number within the stipulated time at the cost of Rs 55,000 whereas, Lakshita was able to produce only 450 units at a cost of Rs 90 per unit. State whether Ashita and Lakshita are efficient and effective. Give reasons to justify your answer.
Distinguish between Capital Market and Money Market.
Describe the process of employee selection with detailed steps.
What are the procedures and importance of trading on a stock exchange?
Name the document prepared in the process of online trading of securities that is legally enforceable and helps to settle disputes/claims between the investor and the broker.
India’s largest domestic investor Life Insurance Corporation of India has once again come to government’s rescue by subscribing 70% of Hindustan Aeronautics’ ₹4,200-crore initial public offering.
a. Which market is being reflected in the above case?
b. State which method of floatation in the above identified market is being highlighted in the case? (Primary Market)
c. Explain any two other methods of floatation. (Private Placement, Offer through prospectus, offer for sale).
Name the segments of the National Stock Exchange (NSE).