Who's awake right now?

Amazon, Flipkart, 3 others issued notices for selling faulty pressure cookers
Source: PTI
November 22, 2021 22:36 IST

The Central Consumer Protection Authority (CCPA) has issued notices to five e-commerce entities, including Amazon, Flipkart and PaytmMall, as well as various sellers for offering pressure cookers that are non-compliant with BIS norms.


Illustration: Dominic Xavier/Rediff.com

The notices were issued on November 18 to Flipkart, Amazon, Snapdeal, Shopclues and PaytmMall, and the sellers.
As part of celebrations of 75 years of Independence - 'Azadi ka Amrit Mahotsav', CCPA has initiated a country-wide campaign to prevent sale of spurious and counterfeit goods that violate Quality Control Orders published by the Centre, the government said in a statement on Monday.

"The notices were issued to both e-commerce entities as well as sellers of pressure cookers on those platforms.
"The notices were issued on November 18," a senior consumer affairs ministry official told PTI.
In this regard, CCPA has already issued directions to district collectors across the country to investigate unfair trade practices and violation of consumer rights concerning manufacture or sale of such goods.

The official said it is for the first time CCPA has issued notices to the e-commerce entities, and sellers on their platforms.
"How such products (sub-standard pressure cookers) are allowed by e-commerce entities? e-commerce players should allow sellers on their platforms only after due diligence as they are taking good commission from sellers.
"They should operate their business with responsibility," the official said.
CCPA is strengthening enforcement measures to create awareness among consumers that they should look for ISI quality mark while purchasing consumer products like pressure cooker either offline or online, the official added.
Essential, daily use products which have been identified for the campaign are helmets, pressure cooker and cooking gas cylinders.
"CCPA has taken suo-moto cognizance against e-commerce entities found to be selling pressure cookers in violation to the Domestic Pressure Cooker (Quality Control) Order, 2020 issued by the Central Government under Section 16 (1) of the BIS Act, 2016 on 21st January 2020," the statement said.
The authority has sought response from the e-commerce entities within seven days from issuance of the notice, failing which necessary action may be initiated against them under the provisions of the Consumer Protection Act, 2019.
It has also written to DG (Director General), BIS to take immediate cognizance of the matter and take necessary action.
The department of consumer affairs has provided the list of 13 such products being available for sale on e-commerce platforms.
'AmazonBasics Stainless Steel Outer Lid Pressure Cooker, 4 L (does not give pressure alert by whistle)'; and Quba 5 Litre Induction Base Aluminium Pressure Cooker, Inner Lid are available on Amazon.in.
Three products are on Flipkart.com -- Quba Aluminium Regular 5 L Induction Bottom Pressure Cooker (Aluminium), PRISTINE Stainless Steel 5 L Induction Bottom Pressure Cooker (Stainless Steel) and DIAMOND by FastColors Outer Lid 10 Litres Aluminium 10 L Pressure Cooker (Aluminium).
Snapdeal.com is selling two such products -- ABODE 5 L Aluminium OuterLid Pressure Cooker Without Induction Base and Bestech Mirror Finish Induction Stovetop Compatible Cherry Pressure Cooker 5Ltr.
Three products are on Shopclues.com -- Quba Aluminium Regular 5 Litre Pressure Cooker with Induction Bottom (Aluminium), PRISTINE Induction Base Stainless Steel Pressure Cooker, 5L and Ethical TRI-NATURE Pressure Cooker 5 Litre Induction Bottom Stainless Steel TriPly SAS.
Paytmmall.com is offering sale of three products -- PRISTINE 5.5 L Outer Lid Pressure Cooker Induction Bottom (Silver , Stainless Steel , Set of 1); Quba 5 L Inner Lid Pressure Cooker Induction Bottom ( Silver , Aluminium , Set of 1 ); and Ethical Cookware Combos Induction Bottom ( Stainless Steel , Set of 1 ).
As per the BIS order, domestic pressure cookers are mandated to conform to Indian Standard IS 2347: 2017 and bear the standard mark under a licence from BIS with effect from August 1, 2020.

Pressure cookers which do not conform to the compulsory standards are liable to be held 'defective' under the Act, the statement said.
The government also highlighted that the Rule 4(2) of the Consumer Protection (E-commerce) Rules, 2020 specifies that no e-commerce entity shall adopt any unfair trade practice, whether in the course of business on its platform or otherwise.

Amazon, Flipkart, 3 others issued notices for selling faulty pressure cookers
Crypto industry asks govt to not rush with ban, take 'nuanced approach'
Source: PTI
November 24, 2021 16:23 IST

The cryptocurrency industry on Wednesday urged the government to take a nuanced approach towards regulating crypto assets in India and asked investors in the country to remain calm and not arrive at a rushed conclusion, a day after the government listed for introduction a Bill to ban all such cryptocurrencies, with some exceptions.

Illustration: Dominic Xavier/Rediff.com

'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', to be introduced in the winter session of Parliament beginning November 29, seeks to "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses".

BuyUcoin CEO Shivam Thakral said it expects the Bill to accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs, and investors who have put their faith in India's crypto growth story.
"The crypto Bill should be flexible enough for young blockchain projects to flourish and we strongly believe that there is a strong case for a standard process for new cryptocurrencies before they get listed on any exchange in India for trading.

"I think popular crypto-assets like Bitcoin and Ethereum will be pre-approved by the regulators for getting listed on the exchange. We also request the government to give immediate clarity on the taxation and filing of crypto assets," Thakral said.
CoinSwitch Kuber founder and CEO Ashish Singhal said the industry has been actively communicating with all stakeholders keeping investor protection at the forefront.
"Our discussions in the last few weeks indicate there is a broad agreement on ensuring that customers are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution...
"As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion," said Singhal, who is also the co-chair of the Blockchain and Crypto Assets Council (BACC).
Cryptocurrency exchange CoinDCX's spokesperson said a well-assessed and thought-through regulation will pave the way for greater adoption of the technology and will help millions of Indians embrace this new-age asset class.
OKEx.com CEO Jay Hao said India is home to the highest number of crypto owners in the world and the onus lies on the government to protect the interest of a large number of crypto investors in the country.
"We urge the government to take a nuanced approach towards regulating crypto assets in India. With the positive outcome of the cryptocurrency Bill, India will embark on an exciting journey of becoming the global leader in crypto, Defi, and NFTs," Hao said.
Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi earlier this month held a meeting on the cryptocurrencies with senior officials, and indications are that strong regulatory steps could be taken to deal with the issue.
There has been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times, amid concerns over such currencies being allegedly used for luring investors with misleading claims.
Last week, the standing committee on finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges and BACC, among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated.
The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value.
RBI Governor Shaktikanta Das has also reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks.
The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.

Private digital currencies/ virtual currencies/ crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.
On March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies.

Crypto industry asks govt to not rush with ban, take 'nuanced approach'