Electronic Transactions (Amendment) Bill

The Electronic Transactions (Amendment) Bill aims to amend the Electronic Transactions Act to incorporate the UNCITRAL Model Law on Electronic Transferable Records adopted in 2017. The bill introduces a framework for electronic transferable records, ensuring they have legal validity and can fulfill the functions of traditional paper documents. It includes provisions for the management, control, and transfer of electronic records, emphasizing the need for consent and reliability in methods used to establish control and identity. The bill also makes consequential amendments to the Bills of Lading Act and the Contracts (Rights of Third Parties) Act to align with these electronic transaction standards.