The Lok Sabha has passed the Indian Bills of Lading Act, 1856. The bill will update and simplify the legal framework governing shipping documents, making it more relevant to the evolving needs of the shipping industry and international trade.
The existing Bills of Lading Act, 1856, a short three-section law, mainly focused on the transfer of rights and confirmation of goods loaded onto a vessel.
However, with the growth of global trade and advancements in...