New Bill to Transform Shipping with Legal Framework for Bills of Lading

The Lok Sabha passed the Bills of Lading bill, establishing a legal framework for issuing bills of lading. Critics argue it might disadvantage small businesses by not regulating freight charges. Proponents believe it will prevent investor uncertainty and modernize the 1856 legislation.

The Lok Sabha has passed a significant bill aimed at providing a robust legal framework for the issuance of bills of lading, which the government asserts will eliminate investor uncertainty in maritime trade.

While some opposition amendments were quickly dismissed via a voice vote, the legislative effort was primarily defended by Ports and Shipping Minister Sarbananda Sonowal. He clarified that a bill of lading serves as evidence of a contract, not the contract itself, replacing the outdated Indian Bills of Lading Act of 1856.

During heated debates, concerns arose about the bill’s lack of regulation on freight charges. Detractors claimed it favors large shipping corporations while potentially harming small businesses. Meanwhile, NCP leader Supriya Sule questioned the bill’s implications on state power and its effectiveness in combating drug trafficking.