The true strength of the Consumer Protection Act 2019, with its new significant features, lies in its effective implementation. The article summarises the gaps, challenges and the strengths of the new Act discussed in the dialogue forum organised by CAG.
Savitha Tirunavukkarasu, Researcher - Consumer Protection
Establishing Conciliation Forum under TNRERA is a much-needed platform for quick and amicable resolution of complaints of aggrieved home-buyers.
The Real Estate (Regulation and Development) Act, 2016, was enacted to create an equitable and fair transaction between the seller and the buyer of properties and enhance accountability and transparency in the real estate sector. The Act also seeks to boost investments in the sector. Tamil Nadu Government Notified the Rules on June 22, 2017.
The second session of the Consumer Guidance Seminar was on the Financial Resolution and Deposit Insurance (FRDI) Bill. The FRDI Bill aims to monitor financial institutions by establishing the Resolution Corporation (RC) to help streamline banks and financial institutions in the event of financial crisis.