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Guidelines for grant of License/ permissions under Section 406 and 407 of the MS Act, 1958- Exercise of right of First refusal ,Right of Refusal,Indian National Ship-owners Association (INSA) BBCD vessels,Tender Process
Applicable to:
Shipping companies, exporters, importers, and agents
Effective Date:
Immediate
Superseded Circulars:
SD Circular No. 2 of 2002 dated 8.11.2002 and other circulars as amended
Key Changes and Requirements
1. New Right of Refusal Criteria
The Right of Refusal will now be exercised by the following categories of vessels, in sequence:
- 1. Indian citizens / Companies/ Co-operative Societies, having BBCD vessels
- 2. Any others owner or his agent offering Foreign Flag Vessel built in India
Important Note
All affected parties should amend their chartering terms, practices, and instructions accordingly.
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