World Consumers Rights Day

World Consumers Rights Day

Dr Arvind Kumar

World Consumer Rights Day (WCRD), observed on 15 March every year, is an annual occasion for celebration and solidarity within the international consumer movement. It is a time for promoting the basic rights of all consumers, for demanding that those rights are respected and protected, protesting the market abuses and social injustices which undermine them. On 15 March 1963, President John F Kennedy gave an address to the US congress in which he formally addressed the issue of consumer rights. He was the first world leader to do so, and the consumer movement now marks 15 March every year as a means of raising global awareness about consumer rights. On 19 April 1985, the United Nations’ General Assembly adopted the UN Guidelines for Consumer Protection, elevating consumer rights to a position of international recognition and legitimacy, yet they continue to be ignored or trivialised by governments, producers, service providers and those with powerful positions.

The theme for 2011 WCRD is “Consumers for Fair Financial Services” which advocates for reasonable and correct financial services. Moreover, it is calling for equal payment for equal services. In 2010 consumers were restating their rights, ensuring that all related parties know this undisputed fact. But in 2011 consumers are stating that in offering financial services, financial institutions have an obligation to ensure fairness and equity. There is added need for generating awareness about consumer rights in India.