Press Information Bureau
Government of India
Ministry of Law & Justice
15-December-2011 16:47 IST
International Arbitration hub
In order to encourage alternative dispute resolution and to develop India as a hub of international arbitration, the Government proposes to amend the Arbitration and Conciliation Act, 1996. Giving this information in written reply to a question in the Lok Sabha today, Shri Salman Khurshid, Minister of Law and Justice, said that the proposed amendments, inter-alia, provide for filing of applications for challenging and execution of awards and appeals in the High Courts, arbitrator not to charge fee on the basis of per sitting unless agreed to by the parties, referring of matters relating to commercial disputes of specified value by the Chief Justices of High Courts to the arbitration institute approved by the Central Government, disclosures of information and circumstances with any other parties or counsel in relation to the subject matter of dispute by the proposed arbitrator, deposit of fifty percent of the amount awarded in the Court by the party challenging arbitral award, etc.