The Rajya Sabha in Winter session 2022 approved the New Delhi International Arbitration Centre (Amendment) Bill, 2022, which modifies the New Delhi International Arbitration Center Act.
The Act establishes the New Delhi International Arbitration Centre and names it a nationally significant institution. The International Centre for Alternative Dispute Resolution was succeeded by the New Delhi International Arbitration Centre.
On August 5 and August 8, 2022, the Bill was introduced and approved in Lok Sabha, respectively.
The India International Arbitration Centre is the new name given to the New Delhi International Arbitration Centre.
Given that India is a huge country and all of its main cities already have arbitration centre bearing their names, according to Union Law Minister Kiren Rijiju’s remarks in Parliament, it was deemed necessary to rename the Center.
The number of dowry fatalities over the previous five years, cases reported under the Narcotics and Psychotropic Substances (NDPS) Act, and cases by the Central Bureau of Investigation (CBI) on allegations of derogatory internet posts against government and Constitutional functionaries were all addressed.