Draft Rules for International Arbitration Centre issued by GoI
On February 12, 2020, Government of India issued draft rules to set up International Arbitration Centre. In order achieve institutionalized arbitration, GoI has enacted the New Delhi International Arbitration act, 2019.
The draft rules for the arbitration centre prescribe allowances, pay of the full-time members and the chairperson. The rules have also set minimum educational qualification and method of selection of employees and officers of the centre.
The Arbitration and Conciliation act, 1996 was amended to make the arbitration process simpler. The New Delhi International Arbitration Centre Act, 2019 was enacted to make Delhi an international arbitration centre.
What is International Arbitration Centre?
The International Arbitration Centre is a dispute settling body that settles arbitration between individuals and companies.
The world famous arbitration centres include
- International Centre for Settlement of Investment Disputes funded by World Bank
- International Court of Arbitration, Paris
United Nations Commission on International Trade Law provides set of rules for international commercial arbitration along with other investment related rules.
Category: Economy & Banking Current Affairs