Press briefing of Cabinet Decision taken on 2011-04-27

Amendments to the Licensing of Shipping Agents, Freight Forwarders, Non Vessel Operating Common Carriers and Container Operators Act No.10 of 1972

- this Act has been enacted in 1972 to provide for the regulation and control of carrying on the business of a Shipping Agent. On a proposal made by H.E. the President, Cabinet approval was granted to amend this Act to incorporate suitable provisions to empower the Minister in-charge of the subject of Shipping, inter alia, on the following:
* to regulate fees charged by sectors under the purview of this Act;
* to stipulate minimum requirements pertaining to paid up capital of the respective sectors; and
* to specify minimum standards for financial responsibility and operational viability of the respective sectors.

The relevant Bill prepared by the Legal Draftsman will be presented to Parliament for approval.