Question: When did the Union Cabinet recently ratify the Arbitration and Reconciliation (Amendment) Bill, 2018?
(a) March 5, 2018
(b) March 7, 2018
(c) March 8, 2018
(d) March 3, 2018
Answer: (b)
Related Facts:
- On March 7th, 2018, the Union Cabinet approved to laid the Arbitration and Reconciliation (Amendment) Bill, 2018 in the Lok Sabha.
- It is part of the government’s effort to encourage institutional arbitration to resolve disputes.
- This makes India the center of a strong alternative dispute resolution (ADR) system.
- The amendment in the Act of 1996 will help in achieving the goal of improvement in institutional arbitration by establishing an independent body to set standards, facilitate the arbitration process, and establish an independent body to execute the matter in a timely manner.
- In this amendment there is a provision for the creation of an independent body Arbitration Council of India (ACI).
- This institution will grade the arbitrating institutions and fix the rules and give recognition arbitrators.
- The ACI will be the corporation body.
- The President of the ACI shall be the person who has been the Judge of the Supreme Court or the Chief Justice and Judge of any High Court.
- Among other members in addition to government nominees, renowned educationists will be included,
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=177128
http://www.business-standard.com/article/news-ani/cabinet-approves-arbitration-and-conciliation-amendment-bill-118030701488_1.html
http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1523139