Bills of Lading Bill, 2024

Bills of Lading Bill, 2024: Recently, Lok Sabha passed the Bills of Lading Bill, 2024, to update and simplify the legal framework for shipping documents.

• About Bills of Lading Bill, 2024: Replaces the Indian Bills of Lading Act, 1856, which provided a legal framework for issuing bills of lading.

o A bill of lading is a document issued by a freight carrier to a shipper, containing details about the type, quantity, condition, and destination of goods.

o The 1856 Act recognized the bill of lading as conclusive evidence of goods on board.

o It granted all rights of suit and liabilities regarding goods to: receiver as per the bill of lading and any third party to whom the receiver transfers ownership.

o The Bill retains all provisions of the 1856 Act while modernizing the legal framework.

o It empowers the Central Government to issue directions for implementation and includes a repeal and saving clause to eliminate colonial legacy.