CURRENT AFFAIRS

Detailed explanation-1: -International Arbitration and Mediation Centre (IAMC) as proposed by the International Arbitration and Mediation Centre Trust is an autonomous body which was inaugurated in Hyderabad by Chief Justice of India NV Ramana and Telangana Chief Minister K. Chandrasekhar Rao.

Detailed explanation-2: -Chief Justice of India (CJI) Justice NV Ramana, and Chief Minister of Telangana K Chandrasekhar Rao has inaugurated India’s First International Arbitration and Mediation Centre (IAMC) at Phoenix VK Tower at Nanakramguda, Hyderabad, Telangana.

Detailed explanation-3: -Finance Minister Nirmala Sitharaman on Tuesday announced the setting up of an international arbitration centre at the GIFT City – a planned business district in Gujarat – for timely resolution of disputes under international jurisprudence.

Detailed explanation-4: -Based in Geneva, Switzerland, with a further office in Singapore, the WIPO Arbitration and Mediation Center was established in 1994 to offer Alternative Dispute Resolution (ADR) options for the resolution of international commercial disputes between private parties.

Detailed explanation-5: -Its location in Hyderabad will also be an attraction, ” he said. Calling Hyderabad one of the best cities in the country, the CJI noted that it is a growing hub of commerce and is one of the top destinations for business in India.