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Major News and Events of 26 October 2017

What Happened on 26 October 2017


Government in process of bringing in New consumer protection Act

According to reports, Prime Minister Narendra Modi has stated that government is in process of drafting new consumer Act.

Addressing an international conference on consumer protection in New Delhi, Prime Minister stated that a Central Consumer Protection Authority with executive powers will be constituted for quick remedial action. The new law will incorporate the revised 2015 UN guidelines on consumer protection.

Modi said, there is a need to move ahead from only consumer protection towards best consumer practices and consumer prosperity. He said the focus of his government is on consumer empowerment and ensuring consumer faces no difficulties. The Prime Minister said, effective grievance redressal systems are vital for a democracy and the government is integrating technology and ensuring stronger grievance redressal mechanisms.

India levies anti-dumping duty on steel from EU, China, Korea

According to a notification issued by the Department of Revenue, India has slapped anti-dumping duty on certain stainless steel products from the European Union and several other nations, including China and Korea, to protect the domestic industry from cheap imports. The duty has been imposed by the Revenue department following a recommendation by the Directorate General of Anti-Dumping and Allied Duties (DGAD).

In a notification, the Revenue department states that the levy ranges between 4.58 percent and 57.39 percent of the landed value of cold-rolled flat products of stainless steel. The duty will be in effect until December 10, 2020, while certain grades of stainless steel have been exempted from the levy. The anti-dumping duty will be imposed on the imports of stainless steel products from China, Taiwan, South Korea, South Africa, Thailand, the United States and the European Union.




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