IBA Approved Packers Movers

IBA APPROVED PACKERS MOVERS

As Banks have since long undertaken the activity of discounting/publishing bills accompanied by Lorry Receipt, in order to provide them some additional security for this, Indian Banks' Association has already requested the Government of India and the Reserve Bank of India to take early measures to make the Lorry Receipt a document of title. A Model Scheme for licensing Transport Operators has also been prepared under the amended Motor Vehicles Act and circulated by the Central Government to the State Governments asking them to introduce a scheme for licensing the Transport Operators to ensure that the Lorry Receipts are treated on par with the Railway Receipts and that obligations similar to those on the Railways are placed on the licensed Transport Operators. But, as far as the Association is aware, the Model Scheme is still to be implemented by the State Governments. In the meantime, Banks continue to discount bills accompanied by Lorry Receipts. A Lorry Receipt is not, in a strict sense, a document of title in law and the Association has been advised that no usage has been sufficiently established to enable the Lorry Receipt to be treated as a document of title. It is, therefore, necessary to ensure that it should at least be treated on par with a document of title. In order to do so, Indian Banks'

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