(MENAFN- KNN India) New Delhi, Jul 24 (KNN) In a major move to enhance India's maritime trade, Parliament has passed the Bills of Lading Bill, 2024, which aims to digitise and simplify the documentation process in the shipping industry.

This new law replaces the outdated Bill of Lading Act of 1856, aligning India's shipping regulations with international best practices.

The Bill introduces a legal framework for electronic bills of lading (eBL), a critical step towards streamlining cargo documentation.

Traditionally, bills of lading are paper-based documents that serve as a receipt for shipped goods and a contract between exporters and shipping companies.

By enabling eBLs, the new law is expected to reduce costs, minimise paperwork, and accelerate trade processes.

Industry experts believe this reform will significantly improve transparency, security, and efficiency in maritime logistics.

The electronic format also helps reduce the risk of document fraud, delays due to lost paperwork, and complications arising from manual errors.

According to stakeholders, digitalisation of trade documents will make Indian shipping practices more competitive globally, especially when compared to countries that have already adopted digital trade norms.

The shipping industry has welcomed the bill, stating it will enhance ease of doing business and attract more foreign players to Indian ports.

It is also likely to encourage increased adoption of blockchain and other secure digital technologies in logistics.

Officials noted that the digital shift supports the government's vision of turning India into a global maritime hub and aligns with initiatives like the PM Gati Shakti programme.

Overall, the Bills of Lading Bill, 2024, is seen as a progressive step towards modernising India's shipping industry and boosting the country's export capabilities by removing long-standing logistical bottlenecks.

(KNN Bureau)

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