Shipping Trade Act gets in-principal approval
By Our Economy Bureau | 02 Jan 2006
Mumbai: The shipping ministry has given an in-principle approval to the proposed Shipping Trade Practices Act, which aims to tighten control over shipping industry intermediaries.
The legislation will bring under its scanner charges, including documentation and surcharges filed by shipping lines, railway operators and airlines.
Airlines, shipping lines, shipping agents, freight forwarders, terminal operators, container freight stations, inland container depots, Container Corporation of India, cargo consolidators, transporters, stevedores and shippers will come under the purview of the proposed Act.
It also includes provision for mandatory registration of all intermediaries and penalties and specifies procedures and modus operandi for arriving at rates for services provided by intermediaries through a process of consensus and conciliation.
The Act is drafted on the lines of rules and regulations of the US Federal Maritime Commission (FMC) and the director general of shipping will coordinate its execution.
