Lok Sabha Passes Bills of Lading Bill to Streamline Maritime Trade

The Lok Sabha has approved the Bills of Lading Bill to establish a legal framework for issuing bills of lading, aiding in reducing uncertainty for investors. The bill replaces the 1856 Act, with modernization efforts to facilitate stakeholders, amidst opposition voices that were dismissed.

The Lok Sabha has successfully passed the Bills of Lading Bill, designed to create a solid legal framework for issuing bills of lading and thereby eliminating investor uncertainty, proclaimed the government.

Amendments proposed by several opposition members were not taken forward as they were defeated in a voice vote.

Port and Shipping Minister Sarbananda Sonowal clarified that the bill of lading acts as evidence of a contract and a legal document, differing from a contract itself. This bill is set to replace the age-old Indian Bills of Lading Act of 1856.

(With inputs from agencies.)