Current Affairs - Places - Discussion

Discussion :: Places - Latest Current Affairs (Q.No.333)

333. 

Cabinet has approved the promulgation of an Ordinance for establishing International Arbitration Centre in which city?

[A]. Pune
[B]. Hyderabad
[C]. Kolkata
[D]. New Delhi

Answer: Option D

Explanation:

The Union Cabinet has approved the promulgation of an Ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) in an effort to make India a hub of institutionalized arbitration. The establishment of institutionalized arbitration will be to the advantage of the public and public institutions in terms of quality of expertise and costs incurred. The NDIAC will be headed by a chairperson who will be appointed by the Centre in consultation with the Chief Justice of India. There will also be two full-time or part-time members. They will be eminent persons having substantial knowledge and experience in institutional arbitration. The NDIAC Bill, 2019, could not be taken up for consideration and passing by the Rajya Sabha in the recently concluded session. Therefore, the government, in view of the urgency to make India a hub of institutionalized arbitration and promote 'ease of doing business', has decided to promulgate an Ordinance: 'The NDIAC, 2019'.

Post your comments here:

Name *:

Email   : (optional)

» Your comments will be displayed only after manual approval.