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It will replace the Merchant Shipping Act of 1958 with the primary objective of significantly simplifying ownership and registration requirements.

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Under the new bill, Indian vessels can be owned not only by Indian citizens but also by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), Indian-registered companies, and other entities designated by the government.

In contrast, the 1958 Act required that ships flagged in India be 100% owned by Indian citizens or by companies incorporated under Indian law and also required that their principal place of business be located in India.The new legislation introduces the option for registration under the Bare Boat-cum- Demise Charter (BBCD) method, allowing ships to be acquired with an upfront partial payment and the balance paid over time.

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Its key objectives include clarifying the legal responsibilities, liabilities, and rights of carriers and shippers, streamlining the process for handling disputes, and ensuring greater flexibility in regulations through government oversight.

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freelance branding services with instant payments ✌️【365vc.net】✌️Start investing in blockchain with just ₹500. Transparent, secure, and highly rewarding!Of course, these will have to be complemented with other measures discussed/ to be discussed in our past/future articles in this series such as classification of ships as infrastructure, creation of Indian-owned and India-based Protection and Indemnity entity, addressing the exclusion of vessels from Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, and so on.

freelance branding services with instant payments ✌️【365vc.net】✌️Start with as little as ₹500. Safe and smart fund investments to grow your wealth.Watch this space as the sector undergoes a major overhaul.Disclaimer: Views expressed are personal and do not reflect the official position or policy ofFinancialExpress.com.

Reproducing this content without permission is prohibited.Micromax and Phison have formed a joint venture, MiPhi, to produce storage chips in India.

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