Parliament passes New Delhi International Arbitration Centre (Amendment) Bill, 2022
Tags: National National News
Parliament has passed the New Delhi International Arbitration Centre (Amendment) Bill, 2022 with Rajya Sabha approving it on 14 December unanimously.
Highlights of the Bill
The Bill seeks to amend the New Delhi International Arbitration Center Act, 2019.
The Bill seeks to rename the New Delhi International Arbitration Center in New Delhi as the India International Arbitration Centre.
The new Bill expands this in the Act to include the operation of other forms of alternative dispute resolution.
The manner of conduct of arbitration and other forms of alternative dispute resolution shall be specified by the Central Government through regulations.
The Bill allows the government to remove any difficulty in implementing the Act for five years from the date of enactment of the Act.
This centre is not only for Delhi but will be for the whole of India and will also be for the people of the parties coming from abroad.
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