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HIGHLIGHTS |
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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; |
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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.; |
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Acquisition
through Bare Boat Charter-Cum -Demise method; |
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Shipping Companies have been allowed to retain
sale proceeds of their ships abroad and utilise
them for fresh acquisition; |
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The Shipping
Companies are now permitted to get their ships
repaired in any shipyard without seeking prior
approval from the Government; |
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Quarterly Block Allocation scheme for repair
of ships has been dispensed with; |
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Reserve
Bank of India releases foreign exchange for
ship repair/dry docking and spares for imported
capital goods, without any value limit; |
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Freedom to Time Charter out ships by Indian
Shipping Companies; |
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100 percent
investment by NRIs in shipping with full repatriation
benefits; |
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Automatic approval for foreign direct investment
upto 74% in shipping; |
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Facilities
at par with 100 per cent EOUs for ship repairs
industry; |
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Freight charges on account of movement of fertilizers
and petroleum products are allowed to be paid
in convertible currency; |
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No permission
is required for raising foreign exchange loans
from abroad by mortgaging the vessels with the
lender; |
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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. |