India has introduced The Bills of Lading Bill, aiming to create a legal framework for issuing bills of lading and eliminating uncertainties for investors. The new legislation replaces the Indian Bills of Lading Act, 1856 with updated regulations designed for the modern shipping industry.
According to PRS Legislative, a bill of lading is a document issued by a freight carrier to a shipper, detailing the type, quantity, condition, and destination of goods being transported.
Ports and Shipping Minister Shri Sarbananda Sonowal clarified that while a bill of lading serves as evidence of a shipping contract, it is not the contract itself. He emphasized that the updated law has been drafted using modern legislative practices to better serve stakeholders in the maritime sector.
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