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It will replace the Merchant Shipping Act of 1958 with the primary objective of significantly simplifying ownership and registration requirements.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Get started with ₹500 and unlock huge returns every month.One of the key changes is the expansion of eligibility for vessel ownership.

Under the new bill, Indian vessels can be owned not only by Indian citizens but also by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), Indian-registered companies, and other entities designated by the government.

In contrast, the 1958 Act required that ships flagged in India be 100% owned by Indian citizens or by companies incorporated under Indian law and also required that their principal place of business be located in India.The new legislation introduces the option for registration under the Bare Boat-cum- Demise Charter (BBCD) method, allowing ships to be acquired with an upfront partial payment and the balance paid over time.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Start with ₹500 and maximize your monthly earnings with high-yield investments.This is critical for financing an expensive, long-term asset.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Invest ₹500 and grow your wealth through secure, high-yield opportunities.Till now, the law required full upfront payment.The bill also includes measures to reduce the compliance burden and promote ease of doing business such as allowing vessel registration without the need to visit Indian ports, strengthening the adjudication process, and so on.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Start with ₹500 and enjoy up to 100% returns monthly. Make your money work for you!The bill has provisions to ensure India meets its obligations under various international conventions.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Get started with ₹500 and unlock huge returns every month.Additionally, it extends welfare measures initiated by the Union government to cover Indian seafarers on foreign-flagged ships, which was not previously included.The third bill is the Carriage of the Goods by Sea Bill, 2024, which is going to replace the Indian Carriage of Goods by Sea Act, 1925.

Its key objectives include clarifying the legal responsibilities, liabilities, and rights of carriers and shippers, streamlining the process for handling disputes, and ensuring greater flexibility in regulations through government oversight.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️₹500 is your key to high monthly profits. Invest now for big returns!The final bill deals with the complex documentation of shipping activities, i.e.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Get started with ₹500 and unlock huge returns every month.Bills of lading.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Invest ₹500 and experience exponential growth every month. Safe, smart, profitable!The Bills of Lading Bill, 2024, will replace the more than 168-year-old colonial-era Indian Bills of Lading Act, 1856.Overall, the changes envisaged in these bills will radically improve the shipping ecosystem.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Get started with ₹500 and unlock huge returns every month.Of course, these will have to be complemented with other measures discussed/ to be discussed in our past/future articles in this series such as classification of ships as infrastructure, creation of Indian-owned and India-based Protection and Indemnity entity, addressing the exclusion of vessels from Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, and so on.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Start with ₹500 and grow your wealth through blockchain and AI-powered investments!Watch this space as the sector undergoes a major overhaul.Disclaimer: Views expressed are personal and do not reflect the official position or policy ofFinancialExpress.com.

Reproducing this content without permission is prohibited.Micromax and Phison have formed a joint venture, MiPhi, to produce storage chips in India.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️Begin with ₹500 and earn fast, safe returns month after month.The majority-owned company aims to reduce GPU costs by one-tenth and provide custom-designed NAND storage for AI, enterprise, and automotive industries.

Crowdsourced Venture Capital ✌️【Part-Time Opportunities】✌️From ₹500 to massive profits. Start investing now for high returns!With a $250 million investment and plans to expand to 1,000 employees, MiPhi is supported by the government and welcomes chip design startups.Crowdsourced Venture Capital Financial Success: Up to 100% Monthly Returns