<ul style="list-style-type:square;"><li>The day commemorates the day when the<strong> Consumer Protection Act 1986 received the President's assent on December 24, 1986.</strong></li><li>The Act aims to<a href="https://www.drishtiias.com/daily-updates/daily-news-editorials/safeguarding-the-rights-of-consumers" target="_blank" rel="noopener"><strong> protect consumers</strong> </a>from defective goods, negligent services, and unfair trade practices.<ul style="list-style-type:circle;"><li>The six fundamental rights of the Consumer Protection Act are the Right to safety, the Right to choose, the Right to be informed, the Right to be heard, the Right to seek redressal and the Right to consumer education.</li><li>The<a href="https://www.drishtiias.com/daily-news-analysis/consumer-protection-act-2019" target="_blank" rel="noopener"><strong> Consumer Protection Act, 2019</strong></a> was passed by the <a href="https://www.drishtiias.com/to-the-points/Paper2/parliament-part-i" target="_blank" rel="noopener"><strong>Parliament</strong></a> to replace the Consumer Protection Act, 1986.</li></ul></li><li>The<a href="https://www.drishtiias.com/daily-updates/daily-news-analysis/world-consumer-rights-day-2023#:~:text=The%20Department%20of%20Consumer%20Affairs,Day%20on%20March%2015%2C%202023." target="_blank" rel="noopener"><strong> World Consumer Rights Day</strong></a> is observed on<strong> 15 March.</strong></li></ul>