The Consumer Protection Act of 1986 aims to safeguard consumer interests throughout India, outlining essential consumer rights including safety, information, choice, redressal, and education. It establishes a framework for grievance redressal through district, state, and national commissions based on the value of goods or services in dispute. The Act also specifies filing procedures and penalties for violations, illustrated by a case where a student received compensation due to the failure of an educational institute to refund fees after a withdrawal request.