India News | Lok Sabha Passes Bills of Lading Bill, 2024
Get latest articles and stories on India at LatestLY. The Bill provides for provisions for the transfer of rights of suit and all liabilities to the consignee named in a bill of lading
New Delhi [India], March 10 (ANI): The Lok Sabha on Monday passed the Bills of Lading Bill, 2024 to bring various provisions in line with modern legislations in order to facilitate simplification and ease of understanding while retaining substantive aspects of the existing law.
The Bill provides for provisions for the transfer of rights of suit and all liabilities to the consignee named in a bill of lading and every endorsee of a bill of lading, to whom the property in the goods mentioned in the bill of lading shall pass, upon or by reason of a consignment or an endorsement.
Union Shipping Minister Sarbananda Sonowal replied to the debate on the bill.
"The people today are walking together to realize Prime Minister Modi's vision. The mantra of reform, perform, transform given to us by the PM Modi has formed the basis of today's legislative reforms, policy reforms, and financial reforms, which is why the country is now rapidly moving on the path of development," he said.
"During this period, every Indian believes that we must implement the legal system of a free India. Therefore, to repeal the pre-independence laws, this bill has been brought today. In this bill, we have had extensive consultations with all our stakeholders, especially shippers and carriers, and after detailed discussions with legal experts, this bill is now being presented before you," Sonowal added.
The Union Minister asserted that in today's modern era, with growing challenges and circumstances, it is essential to have a modern legal system to tackle these issues.
"To facilitate our stakeholders properly, we have to make provisions.This legislative reform is providing an important boost to stakeholders, particularly those involved in maritime activities, as we need to create an ecosystem that offers them an ease of doing business environment. If the stakeholders have clarity regarding the legislation, they can move forward with full confidence," the minister said.
The statement of objects and reasons of the bill said that Indian Bills of Lading Act, 1856 (the said Act) was enacted to amend the Law relating to Bills of Lading with a view to address two aspects - transferring of all rights in respect of the contract contained in the bill of lading along with the property to the consignee or endorsee of the bill of lading; and ensuring that a transferred bill of lading in the hands of a bona fide holder be treated as conclusive evidence of the goods being laden on board.
Since endorsement of rights over bills of lading is an important aspect of its use in carriage of goods by sea, the provisions of the said Act have extensive commercial applicability and is crucial to determine the transfer of rights of suit and liabilities to endorsees and consignees to whom any bill of lading has been transferred.
"hough the substantive aspects of the said Act continue to remain relevant, being a pre-independence statute, it is imperative that the provisions of the said Act require to be revisited without changing the substance or spirit of the said Act, so as to bring it in line with modern legislations in order to facilitate simplification and ease of understanding," the statement said.
"A new provision is proposed to be incorporated to empower the Central Government to issue directions to carry out the provisions of the proposed legislation," it added.
The bill proposes o repeal and re-enact the said Act with a new legislation. (ANI)
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