
Merchant Shipping Bill seeks to ensure transparency in charges levied by service providers
Advt
By ,
ETInfra
MUMBAI: In a move aimed at imparting transparency, service providers or agents of Indian vessels or other vessels operating in coastal waters in relation to import, export or domestic transportation, will have to disclose upfront all the charges levied from the users, under the Merchant Shipping Bill currently being discussed in the Lok Sabha By making it 'statutory' for service providers in the maritime sector to 'disclose upfront' the charges levied from users, the government is looking to meet a long-standing demand of exporters and importers transporting cargo in containers.'Transparency means service providers will have to disclose upfront whatever they are charging. That's all, nothing else,' said a government official.The official, though, made it clear that the provision in the Merchant Shipping Bill will not mean regulating freight rates charged by container shipping lines.'We are not saying we will regulate the freight; freight will be regulated by the market but the charges which will be levied should be disclosed upfront, it should be available on the website of the service providers, which implies the customer or the user should know the charges he has to pay for using the service,' the official explained.The Merchant Shipping Bill, which seeks to repeal and re-enact the Merchant Shipping Act, 1958, empowers the Central government to prescribe the terms and conditions for specification of charges and issuance of the Bill of Lading or any other transport document.'The Central Government, in such circumstances as it may, by notification, specify in this behalf, require every service provider or agent in respect of any Indian vessel or other vessel operating in coastal waters in relation to import, export or domestic transportation, to specify in the Bill of Lading or any other transport document, all charges to be paid by an exporter, importer, consignor or consignee in India, subject to the terms and conditions for the specification of such charges and the issuance of the Bill of Lading or any other transport document, as may be specified in that notification,' according to the Merchant Shipping Bill.The charges to be paid by exporter, importer, consignor or consignee shall include both fixed and conditional charges. Besides, the service provider or agent shall not levy any charges other than the charges specified in the Bill of Lading or any other transport document.'If the service provider or agent fails to specify the charges or levies any charges other than the charges specified by him in the Bill of Lading or any other transport document, he shall be liable to a penalty which may extend to five lakh rupees,' says the Merchant Shipping Bill.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
28 minutes ago
- Indian Express
A tribute to economist Shankar Acharya, A World in Flux, explores what needs to be done to achieve India's goal of becoming Viksit by 2047
A confession — I have known Shankar Acharya, a friend and fellow cricket junkie, far longer than he or I are willing to admit. It is an honour to review 'A World in Flux – India's Economic Priorities', a timely and deeply researched collection of essays in honour of Shankar's thinking and contributions. The book is about what change is needed to allow India to meet its tryst with a destiny that is viksit by its 100th anniversary in 2047. The contributors are much more than eminent scholars — they are acknowledged experts in their fields. The biggest — and the most well-deserved — tribute to Shankar is that the contributors have chosen to write a learned and expert commentary. Much of what they have written and advocated as policy is spot on, so what is a reviewer supposed to do? I can summarise the issues raised by the authors, but the editors, Amita Batra and AK Bhattacharya, provide a must-read analysis — a model introduction to a very distinguished economist, policy advisor and policy-maker. There has only been one major policy question on which Shankar and I have disagreed — and continue to disagree — and that is the danger that fiscal deficits pose to growth and inflation. He, of course, initiated India's long-term fiscal policy in the early 1980s, at a time when such a roadmap was very much needed. Before going further, I want to add that we have differences — differences that arise not out of a difference in expertise or analysis but differences in our genes. Shankar, by his own admission, gravitates towards pessimism; and when I have to err, I err on the side of my DNA++ disposition. The 'what should be done about fiscal deficits' debate is a good point ofdeparture for illustrating why 'yeh dil mange more' than offered by the experts in the volume. Does India have a high fiscal deficits problem or a problem of plenty, one which allows policy makers from doing nothing (at best) or actually implementing bad policies? Sajjid Chinoy in his tour de force essay ('Getting Rich Before Getting Old') speaks about raising India's tax/GDP ratio from an already high level of around 19 per cent today. It is quite the fashion among Indian commentators (I include myself in this galaxy) to point to China as a worthy example to follow — when in doubt, do what China does and thou shalt succeed. China's tax/GDP ratio of 14.5 per cent in 2024 suggests we should radically decrease our rate of taxation. But our experts do not advocate that. Why? India's fiscal problem is one oftoo high taxation, not too little. 'Easy' revenue allows the government (state and central) to indulge in ever more wasteful expenditure (freebies) which slows growth. Our slow growth, relative to potential, is the problem, not that fiscal deficits are causing inflation to be at a historic low. The IMF orthodoxy of 'when in doubt, raise tax revenue' is now hopelessly outdated. Another example of divergence between necessary policy, and one offered by experts, pertains to the low share of manufacturing (and even the ever lower share of manufactured exports). We all agree that something needs to be done, but what? One favourite solution (like raising the tax revenue) is to join the China-led RCEP. This is dictated by the specious reasoning that since China leads in manufactured export growth, by joining RCEP we will do so too. However, 13 of 15 RCEP countries have lower growth of manufactured exports than before (joining) RCEP. As far as policy analysis goes, why not note that our two 'global champions' — Ambani and Adani-led enterprises — produce zero manufactured goods (unless an intermediate good like polyester is considered a final manufactured good, like shirts)? And why, iflack of textile growth is a problem (it is!), our reform experts (except Amitabh Kant) don't point to the fact that a very very low hanging fruit is the reduction of high import duties on manmade fibres? Why don't the experts argue that the government should choose winners like Ambani and Adani? The government should appoint these global experts to lead the march on manufactured goods. Instead of Production Linked Incentives (PIL) we should have EIL — Export Linked Incentives. If subsidies are involved (as they will be), the government should provide them. Learn from China (again) how to sidestep WTO regulations. This is how Korea, China and the US have succeeded — we will succeed too. Bhattacharya also has a much-needed, must-read chapter on the political economy of reforms. AK notes that in the near-50-year history of economic reforms in India, an important pattern emerges. 'But once the immediate economic crisis was overcome, the pace of implementing subsequent reforms slowed considerably'. Phrased differently, the story of economic reforms in India is that reforms stop because our politicians (and the Deep State behind them) are not risk-takers, but comfort-zone seekers. They like the comfort zone of 'not rocking the boat', and thereby insure that Viksit Bharat 2047 might very well be no more than a dream. Before ending, I have a quibble with even this most worthy chapter. Bhattacharya's path to reform is via consensus-building (the mantra of every failed and defeated optimist). But AK fails to note that the path to consensus is littered with sabotage by the major groups (or group) hurt by the proposed reforms. Why, if everything is as well-known and as dutifully documented by all of us, are we still asking for basic reforms in agriculture, manufacturing, and governance? Note that a Supreme Court survey conducted after the withdrawal of farm-reform legislation, found an overwhelming consensus (87 per cent) among farmers wanting the proposed farm laws reform. Bhalla is chairperson of the Technical Expert Group for the first official Household Income Survey for India. Views are personal


Economic Times
28 minutes ago
- Economic Times
India lacks adequate risk capital to realise its $5 trillion economy ambition: Kamakodi
Synopsis City Union Bank's MD & CEO, N Kamakodi, stated that India needs to bolster its risk capital to achieve its USD 5 trillion economy goal, despite having sufficient capital. Sanatan Mishra of SBI highlighted the strength of Indian banks in funding growth and the transformative role of UPI in financial inclusion. He emphasized banks' readiness to finance capital expenditure. PTI India has the capital to support growth but lacks adequate risk capital to realise its USD 5 trillion economy ambition, City Union Bank MD and CEO N Kamakodi said on emphasised that while India is now the world's fourth-largest economy, its low per capita income due to a high population remains a major challenge. He was speaking at the launch of the banking and finance helpdesk at the Merchants' Chamber of Commerce & Industry (MCCI)."Entrepreneurs should lead and bankers should support," he said, noting that chambers of commerce play a pivotal role in driving the pointed out that while Germany relies on debt and the US on equity to fund their economies, India must focus on building its risk capital pool to meet long-term goals. State Bank of India General Manager (Network-II) Sanatan Mishra said Indian banks are currently at their strongest position to fund growth."UPI has become a game changer for low-ticket transactions and has enabled inclusive financial access," he said, adding that banks are well-capitalised and ready to finance capital expenditure, provided the private sector can absorb the credit.


Economic Times
28 minutes ago
- Economic Times
Kothari Industrial Corporation acquires Zodiz, Jeetlo to strengthen mass footwear presence
KICL, the flagship company of the diversified D C Kothari Group, acquired footwear brands Zodiz and Jeetlo for an undisclosed sum, further expanding its presence in the mass-market footwear segment, an official said. Kothari Industrial Corporation Ltd had previously acquired noted overseas brands, including Kickers, and has set up a non-leather footwear park in Tamil Nadu's Perambalur district. The acquisition of Zodiz and Jeetlo, along with their associated sub-brands, will come into effect from August 4, 2025, the company said in a statement on Zodiz brand is promoted by Coimbatore-based Zaimus Trends Pvt Ltd and is known for its affordable footwear promoted by Haryana-based India Pvt Ltd, has a strong presence across e-commerce platforms. The acquisition is expected to provide KICL with a firm foothold in underserved and fast-growing consumer segments. Both brands retail products priced below Rs 1,000 per pair, catering to a quality-conscious and value-driven industry data, KICL said that footwear priced under Rs 1,000 accounts for nearly 80 per cent of total consumption, with the sector estimated to be valued between Rs 80,000 crore and Rs 85,000 crore annually."This is not just an acquisition; it marks the beginning of a new chapter that will unlock value for consumers, partners, and stakeholders," said KICL executive chairman Jinnah Rafiq company plans to focus its marketing strategy on tier-II and tier-III cities, offering products that align with evolving fashion sensibilities while ensuring comfort for daily wear, he added. Ahmed noted that the Indian footwear market is undergoing a "profound transformation", with per capita consumption currently at 1.9 pairs per annum-a figure expected to double by 2030. The domestic footwear industry is at a pivotal moment. India is witnessing a rapid shift in consumer preferences. Footwear is no longer seen as mere utility-it has evolved into a symbol of personal style and self-expression, he said.