The new Act lays down various rules for both common carrier and for the consignor and/or consignee for the carriage of goods by road.

This Act defines the minimum rights, liabilities and immunities of a ship-owner in respect of loss or damage to cargo carried. Broadly speaking the Act deals with aspects of ship owner’s liabilities towards cargo owners. Broadly the Act deals with three aspects of a ship owner’s liabilities towards cargo owners (a) The circumstances when the ship-owner is deemed to be liable for loss or damage to cargo unless he proves otherwise. (b) The circumstances when the ship-owner is exempted from liability, i.e., when loss or damage is caused by events outside his control, e.g., perils of the sea, and (c) The limits of liability of a ship-owner for loss of or damage to cargo calculated in monetary terms per package or units of cargo.

This Act defines the rights and liabilities of truck owners or operators who carry goods for public hire in respect of loss or damage to goods carried by them. The Act also prescribes the time limit within which notice of loss or damage must be filed with the road carriers.

The act provides for provisions for levying central excise duty on goods manufactured or produced in India, the collection of duty, refund, adjustment and/or penal provisions for breach of provisions.

Have fixed certain responsibilities on the consignor, the transporter and also the driver for the safe carriage of hazardous goods.

The Act makes the provisions of the said Act applicable to the extent that they are not inconsistent with the provisions of the Insurance Act, 1938 and IRDAI Act, 1999. In other words, if there is a conflict between the provisions of Companies Act and Insurance (or IRDAI Act), the latter shall prevail. Besides, Act provides for definition of Key Managerial Personnel and also provisions relating to incorporation of a Company.

The Act provides for establishment of a Commission to prevent practices having adverse effect on competition and to enquire into anti-competitive agreements like Cartel, bid rigging etc., enquiring into abuse of dominant position like predatory pricing, regulate combinations like mergers, acquisitions etc and undertake competition advocacy including advise on policy issues, creating public awareness and imparting training on competition issues.

The Act was passed to (i) Provide for better protection of the interests of consumers, and (ii) Make provision for establishment of consumer council and other authorities for the settlement of consumer’s disputes. Insurance has been defined as a service for the purposes of the act. Every buyer of insurance is a consumer. The Act has been amended by the Consumer Protection (Amendment) Act, 2002. The Act provides for the establishment of Consumer Disputes Redressal Agencies at three levels viz., the District Forum at the District level to entertain a complaint if the value of the service and the compensation claimed is less than Rs. 25 lacs. ; the State Forum at State level who has original, appellate and supervisory jurisdiction. It would entertain appeals from the District Forum. It has original jurisdiction to entertain complaints where the value of service and compensation claimed exceed Rs. 25 lacs but does not exceed Rs. 1 crore. The Apex body viz., the National Consumer Forum is the final authority established under the Act. It will have the original, appellate as well as supervisory jurisdiction. It would hear the appeals from the order passed by the State Commission and in its original jurisdiction it will entertain disputes, where services and the compensation claimed exceeds Rs. 1 crore. It has supervisory jurisdiction over State Commission. An appeal shall lie with Supreme Court of India. The Forums have been vested with the powers of a Civil Court under the Civil Procedure Code, 1908.

Act provides various provisions for imposing of customs duty on goods being imported, situations where refund of duty is admissible due to goods found pilfered after unloading or goods lost or destroyed after import or importer relinquishes title or abandons goods before home consumption.

To provide social security benefits to the workers. The act and schemes thereunder provides for three types of benefits namely, contributory provident fund, pensionary benefits to employees and/or family members and insurance cover to the members of the Provident Fund and an insurance cover to the members of the provident fund in covered establishment. Employees Deposit Linked Insurance Scheme, 1976 came into effect. The Employees’ Pension Scheme provides pension to retiring employees on reaching 50/58 years of age, widow/s pension, children pension and nominee pension on death of the member to his eligible family members. The Act is applicable to establishments employing 20 or more persons with Central Government having residual powers to apply this Act to establishments employing less than 20 employees. Employees drawing a wages of up to Rs.15,000 per month are required to become a member. Both the employer and employee contribute 12% of the wages to the Provident Fund.