| Received a credit card bill with unexplained charges? Is the manufacturer refusing to take back that brand new food processor that packed up in a week?
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| Redress might be at hand. The Ministry of Company Affairs, in partnership with industry chamber Assocham plans to set up a “Business Bureau” to check fraudulent business practices and settle disputes between consumers and sellers.
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| The objective of the bureau, says Assocham, would be to promote an ethical marketplace relationship between business and the public through self-regulation, education and information.
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| The bureau is being modelled on the Better Business Bureau (BBB) of the United States. This is an institution created by American businessmen in early 20th century to address consumer concerns. BBB is now a gigantic pan-American network known and used by almost all the businessmen and consumers in the US.
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| “The goal of the bureau in India will be to create an environment in which the manufacturer will find it strategically important to safeguard consumer interests while consumers will have access to a reliable source of information and rapid and hassle-free avenue for redressing their grievances,” D S Rawat, secretary general, Assocham said.
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| The initial thrust of the “Business Bureau” in India will be on the housing and real estate sector, financial services involving loans, insurance, credit cards and financial products, medicines and medical treatment in private institutions, seeds, fertilisers, chemicals and other inputs bought by farmers, public utilities offered by private sector in telecom or transport sector, FMCG, white goods and consumer electronics.
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| Assocham will play a catalytic and co-ordinating role in the establishment of pan -India self-regulatory bodies of businessmen and companies to protect consumer interests separately for specific areas.
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| The “Business Bureau” cells will be set up in markets, mandis,malls, shopping complexes and business districts.
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| These cells will provide an immediate avenue for redressal of consumer grievances. |
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