In a significant move towards modernization, the Ministry of Consumer Affairs, Food, and Public Distribution has introduced amendments to the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017. Published as the Warehousing (Development and Regulation) Registration of Warehouses (Amendment) Rules, 2024, these changes aim to streamline operations and enhance transparency in the warehousing sector. This notification was published on June 4, 2024.
The key amendment revolves around the mandatory issuance of e-negotiable warehouse receipts. Under the revised Rule 27, warehouse operators are now required to issue negotiable warehouse receipts exclusively in electronic format. This transition is poised to revolutionize the traditional paper-based system, offering efficiency gains and improved accessibility.
Moreover, the amendment empowers the authority to act as a repository or designate one or more entities as repositories, facilitating the creation and management of electronic negotiable warehouse receipts. By embracing digitalization, the warehousing industry is poised for a paradigm shift towards greater efficiency and accountability. This move aligns with global trends towards digital transformation, heralding a new era of innovation in supply chain management.
