Parliament finally approves Bill to make India international arbitration hub
New Delhi, Aug 1 (UNI) With the approval from the Lok Sabha, the much talked about Bill that will help enable India emerge as an international arbitration hub was passed by Parliament on Thursday.
The Arbitration and Conciliation (Amendment) Bill has already been cleared by the Rajya Sabha.
Replying to the debate on the Bill, Law Minister Ravi Shankar Prasad said India is qualified to have a centre of international arbitration as it has enough qualified lawyers, and has skill and training facilities.
Prasad said Indians and Indian companies involved in international arbitration have to move to centres like London, Singapore or Paris and hence they will be benefited by the new law.
The Law Minister also said that the government would not press much for additional amendments as the Bill in the present shape has given sufficient powers to the arbitration council to decide on arbitrators.
Meenakshi Lekhi of BJP supported the Bill and said currently an imperialistic environment is prevalent in international arbitration.
She said India is the originator of the conciliatory process as the word 'panchayat' means five elders who decide on any dispute.
Congress member K Suresh said the bill has failed to address several crucial factors, including criteria and eligibility of arbitrators.
DMK member A Raja said the intention of the government in bringing the bill is good, the objectives are good, but there are several doubts and apprehensions.
Raja said the role of the judiciary has been mitigated in the arbitration process and there is no provision for creating an exclusive set of manpower.
A previous bill was cleared by the Lok Sabha in 2018 during the stint of the 16th Lok Sabha, but could not be passed by the Rajya Sabha.
The Bill automatically lapsed as the previous Lok Sabha was dissolved thus it was reintroduced last month after the formation of the new government under BJP-led NDA.
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