The Lok Sabha on Monday passed The Bills of Lading Bill which seeks to provide a legal framework for the issuance of bills of lading with the government asserting that it will prevent any uncertainity amongst the investors.
Amendments moved by some opposition members were rejected by a voice vote.
According to legislative think-tank PRS Legislative, a bill of lading refers to a document issued by a freight carrier to a shipper. It contains details such as the type, quantity, condition and destination of goods being carried.
Responding to a debate on the bill, Ports and Shipping Minister Sarbananda Sonowal explained that the bill of lading is evidence of a contract and is a legal document. It actually is not a contract.
It seeks to replace the Indian Bills of Lading Act, 1856.
The minister said the measure has been prepared using modern day drafting procedures and is aimed at facilitating stakeholders.