After GST new consumer protection law will be introduced, PM Modi

Prime Minister Narendra Modi has said the Government is committed towards consumer interest protection and is in process of drafting new consumer Act.

Prime Minister Narendra Modi on Thursday said his government's priority to consumer protection is in line with the "New India" mission and this will lead to consumer prosperity ahead.

Addressing an worldwide conference on consumer protection here, Mr Modi said, a Central Consumer Protection Authority with executive powers will be constituted for quick remedial action. "The focus is on consumer empowerment and ensuring that the consumer faces no difficulties".

Prime Minister Modi stated that the consumer protection was an integral part of the governance. "A Central Consumer Protection Authority with executive powers will be constituted for quick remedial action", he added.

The United Nations (UN) had issued guidelines on consumer protection in 1985.

This new law will put back the Consumer Protection Act 1986, and will instead add in the revised 2015 United Nations guidelines on consumer protection. India became the first country to frame its own laws in 1986, which will soon be replaced with the new set. "However, the benefits will be transferred (to consumers) in days to come".

"After GST, dozens of different types of indirect taxes in the country have been abolished".

Due to the GST, the competition among companies was going to increase. "The biggest beneficiaries of GST will be the consumers, middle class", he said.

Modi said the government has enacted a new Real Estate (Regulation and Development) Act to protect home buyers interest. The developer will not be able to divert fund as 70 per cent of the money has to be kept in an escrow account.

The Prime Minister further reiterated that the effective grievance redressal systems were vital for a democracy and the Centre was integrating technology and ensuring stronger grievance redressal mechanisms.

(Copyright © 2015. All Rights Reserved.)
 
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