The New Delhi International Arbitration Centre (Amendment) Bill, 2022

The New Delhi International Arbitration Centre (Amendment) Bill, 2022 aims to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre. The Bill, piloted by Union Law Minister Kiren Rijiju, was passed by the Lok Sabha in August and by the Rajya Sabha on Wednesday. The Bill not only renames the centre but also expands its scope to include the conduct of other forms of alternative dispute resolution besides arbitration.

Objectives of the Bill

  • The main objective of the Bill is to establish India as a hub for international arbitration. Currently, small countries and cities such as Singapore, London, and Hong Kong are major centres for arbitration. However, the Indian government aims to change this by providing affordable arbitration awards and making India an attractive destination for arbitration at the global level.
  • Union Law Minister Kiren Rijiju stated in the Rajya Sabha that the country is emerging as an economic power and along with that, India will also attract the global business community for arbitration. He added that the government wants to start work in this direction as soon as possible.

Reasons for the Name Change

While replying to a query regarding the name change, Union Law Minister Kiren Rijiju mentioned that important cities in India such as Mumbai and Kolkata have their own arbitration centres. He added that even in Delhi, another body, the Delhi Arbitration Centre (DAC), is functioning. Therefore, it would not be good to have two arbitration centres having the same name of Delhi.

Allegations of World Bank Pressure

There have been allegations that the government brought this Bill and procedure under the pressure of the World Bank. However, Union Law Minister Kiren Rijiju rejected these allegations and stated that it is the government's considered opinion and decision to bring this Bill.

The New Delhi International Arbitration Centre (Amendment) Bill, 2022 aims to establish India as a hub for international arbitration by providing affordable arbitration awards and making the country an attractive destination for arbitration at the global level. The Bill also expands the scope of the centre to include the conduct of other forms of alternative dispute resolution besides arbitration. The name change was necessary as other cities in India such as Mumbai and Kolkata have their own arbitration centres and there is already a functioning body called the Delhi Arbitration Centre in Delhi. Union Law Minister Kiren Rijiju also rejected allegations that the government brought this Bill and procedure under the pressure of the World Bank.

Written by princy

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