ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -US President John F. Kennedy first outlined a vision of consumer rights in a special message to Congress on 15 March 1962 (the day we now celebrate World Consumer Rights Day).

Detailed explanation-2: -Every year 15th March is celebrated as the World Consumer Rights Day. World Consumer Rights Day was inspired by President John F Kennedy, who sent a special message to the US Congress on 15th March 1962, in which he formally addressed the issue of consumer rights. He was the first world leader to do so.

Detailed explanation-3: -The concept of professional regulation serving the public interest is summarized in the “Consumer Bill of Rights, ” first introduced by President John F. Kennedy in 1962: The right to safety: to be protected against the marketing of products and services that are hazardous to health or to life.

Detailed explanation-4: -On March 15, 1962, President John F. Kennedy presented a speech to the United States Congress in which he extolled four basic consumer rights, later called the Consumer Bill of Rights.

Detailed explanation-5: -The Consumer Protection Bill, 1986 was passed by both the Houses of Parliament and it received the assent of the President on 24th December, 1986. It came on the Statutes Book as THE CONSUMER PROTECTION ACT, 1986 (68 of 1986). 1.