The amendments, among other things, seek to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of grievances.
"The new bills have been sent to the Cabinet for consideration," Food and Consumer Affairs Minister Ram Vilas Paswan said in a written reply in Lok Sabha.
Paswan had earlier said the bills provide for punishment, up to life imprisonment in certain cases, for food poisoning and also has a provision for product liability.
Paswan had said that if any consumer complaint affects more than one individual, that issue will go to the Authority, which will have the power to recall the product and cancel the licences.
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Under the new proposed law, provisions will be applicable to a cross section of products ranging from cars to flats.
Besides giving back the invested money of consumers, the service providers will also have to take in to account the inconvenience faced by passengers (air travelers) and the resultant losses.