These proposed Bills, among other provisions, will allow for an expanded scope of ownership for ships to be considered India-flagged.
The Merchant Shipping Bill, 2024, which is expected to be discussed in the Parliament's ongoing winter session, will allow for easier eligibility for vessel registration — allowing overseas citizens of India, non-resident Indians, and limited liability partnerships to register ships under the Indian flag, according to officials aware of the developments.
The current Merchant Shipping Act, 1958, allows only Indian citizens and companies wholly owned by Indian entities to register vessels under the Indian flag.
"To meet the new challenges and promote ease of doing business, reforms were necessitated in the Merchant Shipping Act. Reforms were also required due to various obsolete provisions and to accommodate India's international maritime obligations. The Merchant Shipping Act as it is has not incorporated the mandatory requirements under various international conventions," a senior government official told this paper.
The new proposed legislation will allow the registration of vessels acquired on a bareboat charter-cum-demise (BBCD) basis, which is a part-payment structure allowing ownership of vessels by paying a third of the vessel cost over a longer period and a 25 per cent upfront payment.
This story is from the November 29, 2024 edition of Business Standard.
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This story is from the November 29, 2024 edition of Business Standard.
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