CURRENT AFFAIRS

Detailed explanation-1: -According to an IE report, the GIMAC will be part of a maritime cluster that is being set up by the Gujarat Maritime Board (GMB) in GIFT City at Gandhinagar, Gujarat.

Detailed explanation-2: -The Gujarat International Maritime Arbitration Centre (GIMAC) is conceived as a specialist ADR centre established under the auspices of Gujarat Maritime University, with a mission to organize and manage arbitration proceedings in disputes related to the maritime and shipping sector.

Detailed explanation-3: -At IDAC India we provide dispute resolution guidance in particular in matters of arbitration between two Indian Parties or between Indian parties and foreign parties. IDAC India charges nominal fees strictly adhering to recommended fees structure as per Arbitration and Conciliation Act, 1996 in its latest amendment.

Detailed explanation-4: -The Present. At present, India has more than 35 arbitral institutions. Some of the prominent Indian arbitral institutions are the Indian Council of Arbitration ("ICA"), the Delhi International Arbitration Centre ("DIAC"), the Mumbai Centre for International Arbitration ("MCIA") and the ICADR.

Detailed explanation-5: -GIFT CITY: International Arbitration Centre - In addition, an international arbitration centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence, Finance Minister Nirmala Sitharaman said while presenting Union Budget for 2022-23.