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Union govt. to set up Arbitration Council
Context:
The Union Cabinet has approved the Arbitration and Conciliation (Amendment) Bill, 2018.
Function of Arbitration Council:
Arbitration Council will grade institutions that offer alternative dispute resolution mechanism for commercial disputes.
Significance of the Arbitration Council:
As India attracted foreign investments, it is essential to provide for a reliable platform that included arbitration and resolution of commercial disputes in a time-bound manner.
