The Union Cabinet on Wednesday cleared a bill which seeks to make India a hub of domestic and global arbitration for settling commercial disputes.

The arbitration and conciliation (Amendment) Bill 2019 provides for a time-bound settlement of disputes as well as accountability of the arbitrator. Bills to speed up arbitration process in India gets Rajya Sabha nod.

The Bill provides for setting up an independent and autonomous regime for institutionalised domestic and international arbitration and to acquire and transfer undertakings of the International Centre for Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from 2nd March 2019.