Sunday, April 26, 2009
- Most of the categories of ships viz. crude tanker, Product Tanker, Bulk Carriers etc. have been brought under the Open General Licence (OGL) to facilitate acquisition at competitive price;
- Automatic approval is also available for acquisition by ship-owning Companies for the categories which are not covered under O.G.L i.e. Barges, Tugs and Boats etc.;
- Acquisition through Bare Boat Charter-Cum –Demise method;
- Shipping Companies have been allowed to retain sale proceeds of their ships abroad and utilise them for fresh acquisition;
- The Shipping Companies are now permitted to get their ships repaired in any shipyard without seeking prior approval from the Government;
- Quarterly Block Allocation scheme for repair of ships has been dispensed with;
- Reserve Bank of India releases foreign exchange for ship repair/dry docking and spares for imported capital goods, without any value limit;
- Freedom to Time Charter out ships by Indian Shipping Companies;
- 100 percent investment by NRIs in shipping with full repatriation benefits;
- Automatic approval for foreign direct investment upto 74% in shipping;
- Facilities at par with 100 per cent EOUs for ship repairs industry;
- Freight charges on account of movement of fertilizers and petroleum products are allowed to be paid in convertible currency;
- No permission is required for raising foreign exchange loans from abroad by mortgaging the vessels with the lender;
- Action has since been initiated to formulate a National Shipping Policy to provide fiscal, financial, administrative and legislative measures for growth and development of shipping in India.
Source: http://business.gov.in/
Labels: Shipping Policy
posted by transport blogs
@ 10:44 PM
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