CURRENT AFFAIRS

2019

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

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

Explanation:

Detailed explanation-1: -The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved promulgation of an Ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) for the purpose of creating an independent and autonomous regime for institutionalised arbitration.

Detailed explanation-2: -India gets its 1st international arbitration centre in Hyderabad.

Detailed explanation-3: -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-4: -Lok Sabha has already passed the Bill. The Bill amends the New Delhi International Arbitration Centre Act, 2019. The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.

Detailed explanation-5: -Located in the Delhi High Court premises, DIAC provides a centrally located and easily accessible venue for the disputants, arbitrators and lawyers.

There is 1 question to complete.