The New Delhi International Arbitration Centre (Amendment) Bill, 2022 was introduced in Lok Sabha on _________.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. August 5, 2022
The Union Law Minister Kiren Rijiju introduced the New Delhi International Arbitration Centre (Amendment) Bill, 2022 in Lok Sabha on 5 August 2022 to amend the New Delhi International Arbitration Centre Act, 2019.
The Bill amends the New Delhi International Arbitration Centre Act, 2019. The Act provides for setting up the New Delhi International Arbitration Centre and designates it as an institute of national importance.The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.
Key features of the Bill include:
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Renaming of New Delhi International Arbitration Centre: The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.
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Alternative Dispute Resolution: The Act requires the Arbitration Centre to strive to facilitate the conduct of international and domestic arbitration and conciliation. The Bill expands this to include conduct of other forms of alternative dispute resolution. The manner of conduct of arbitration and other forms of alternative dispute resolution will be specified by the central government through regulations.
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Removal of difficulties: The Act allows the central government to provide for removing any difficulties in implementing the Act up to two years from the date of commencement of the Act. The Bill extends this time period to five years.
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Drafting errors:The Bill also corrects several drafting errors in the Act.