Railways Act, 1989
63. Provision of risk rate.
(1) Where any goods are entrusted to a railway administration for carriage, such carriage shall, except where owner’s risk rate is applicable in respect of such goods, be at railway risk rate.
(2) Any goods, for which owner's risk rate and railway risk rate are in force, may be entrusted for carriage at either of the rates and if no rate is opted, the goods shall be deemed to have been entrusted at owner's risk rate.