New Delhi: The Cabinet is likely to approve Wednesday a new Consumer Protection Bill 2015, that seeks to replace the existing law and proposes setting up a regulatory authority to curb unfair trade practices.
"The Cabinet is scheduled to meet Wednesday. The Consumer Protection Bill, 2015, is on the agenda," sources said.
After the Cabinet approval, the Consumer Affairs Ministry is aiming to introduce the bill in the ongoing monsoon session of Parliament.
The new bill, which will repeal the 29-year-old Consumer Protection Act, seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances.
To ensure safe products to consumers, the bill has a provision for product liability and provides enough powers to the regulatory authority to recall products and cancel licences if any consumer complaint affects more than one individual, sources explained.
For speedy disposal of consumer court cases, the bill seeks to provide 'mediation' as an alternative route to resolve the disputes and also suggests simplified judicial process to ensure inexpensive justice.
The bill provides for stringent penalty, including life imprisonment in certain cases and sufficient provisions for protection of consumers of online shopping, sources added.