Application days increased for online dealings

The Shipping Ministry has launched revamped software and updated guidelines to facilitate implementation the Rs.4,000 crore financial assistance approved in 2015.

The Ministry has rolled out an updated version of the web application, along with an amended set of guidelines, for applying under the policy.

It was in response to the Shipyards Association of India which had raised issues with regard to the previous web application which had been launched in June 2016 for processing applications for financial assistance under the policy.

Under the amended guidelines, increased numbers of days are now available with the shipyards to apply under the policy, as well as to obtain and submit valuation reports.

The updated web application also generates a wider choice of international valuers by whom the valuation of a vessel can be carried out.

The upgraded version of the web application will be administered and monitored by the Directorate General of Shipping, Mumbai.

To promote Government of India’s ambitious ‘Make in India’ programme and to encourage domestic shipbuilding by providing a level playing field vis-a-vis foreign shipyards, the Government had approved the Shipbuilding Financial Assistance Policy for Indian Shipyards in December 2015.

The policy provides Rs.4,000 Crores financial assistance to shipyards for 10 years for contracts secured between 01.04.2016 and 31.03.2026. fii-news.com