In the Indian aspect, how is an electronic bill of lading transforming Indian trade? Also, define the challenges and opportunities. 

An e-bill of lading is a digital alternative to the traditional paper bill of lading. This is a crucial document for shipping cargo from India or from outside India. The e-bill of lading can be in the form of a purchase receipt, a contract between buyer and seller, ownership of a product, or any document that complies with the bill of supply. Also, in the process of e-bill transactions, some challenges occur, and India needs to tackle this with a very reasonable approach. 

Challenges:

Not acceptance of Electronic signature or communication

Cyber Theft

Inadequate knowledge

Detail:

Firstly, we need to consider the capacity or acceptance of electronic signatures. Not everyone is in favour of digital signatures. Countries that have ratified the UNICITRAL model law on electronic signatures stand the best chance of accepting it. However, it should be noted that this model law, while widely accepted for electronic communication, is not legally binding. Problems arise when countries are not accepting the electronic signature, for example, China, Africa, and Iran. Secondly, each country has its own cyber regulation, which often contradicts other laws. Most of the countries have strict regulations regarding fraud under their domestic law. Even though the aforementioned points present challenges, there are still opportunities in India to address this issue. We can enhance the efficiency and speed of customs procedures or transfer the bill of lading to countries that do not accept electronic signatures or communication. We can also ensure that live video conferences are accepted for further validation.

by Adv. Parimal Bambere

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