World Consumer Day: What are your rights and what you need to know

March 15 is observed as World Consumer Day. It is observed to promote the basic rights of the consumers and make them aware of the same. However, in India, we celebrate National Consumer Day on December 24. We have a Consumer Forum to address the issues and safeguard the rights of the consumers. 

Here are a few things to know about consumer rights.

Claim can't be denied for an old machine

Abrol Engineering had taken a policy of Rs 40 lakh from New India Assurance to cover a CNC machine made by DMG Deckel Maho Gildemister. During the tenure of the policy, an abnormal noise suddenly started emanating from the spindle in the tool box. The manufacturer's service engineer, as well as the insurer, were intimated. Read more

Consumer forum isn't for debt recovery cases

Aruna Trilok Shende had taken a housing loan of Rs 4,00,000 from State Bank of India, Chandrapur Branch. As she defaulted in making timely payment of the instalments, the bank approached the Debt Recovery Tribunal (DRT) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarafesi) Act. Read more

Name change can't lead to claim rejection

Shreem Capacitors was in the business of manufacturing capacitors and supplying these to various state electricity boards, government undertakings, and railways. The company obtained a 220 KVA sub-station from Maharashtra State Electricity Transmission Company (MSETCL) to erect its factory at Yavatmal. Read more

Delay alone cannot lead to rejection

Kuldeep Singh took a policy from Shriram General Insurance for his truck. The insurer issued a cover note on October 21, 2010, stating that the truck was insured for Rs 1.12 million from October 22, 2010, to October 21, 2011. The truck was stolen on the night of November 9 and 10, 2010. Read more