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Mumbai to get its first Arbitration Centre

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The financial capital of India is likely to get the International Arbitration Centre. This will be the India’s first arbitration centre for dealing the financial disputes.

Flash points

  • The financial disputes of India were dealt in the Singapore Arbitration centre, now with the establishment of the International arbitration centre in Mumbai it will be a boon to the Indian companies
  • Out of the 259 cases registered at Singapore arbitration centre in 2013, 85 were from Indian companiesMumbai to get its first Arbitration Centre
  • The MCIA will be implemented under the Make in India initiative and it is likely to attract $2billion worth investments
  • It will find solutions for the financial disputes of companies according to its new framework of rules that meet global standards
  • The drafting committee of MCIA includes Nish Shetty, Partner, Clifford Chance, Singapore and Vyapak Desai Partner, Nishith Desai and Associates who have constituted the Arbitration Rules of the MCIA
  • The MCIA has been registered as a not-for-profit charitable trust in Mumbai
  • The taxation for the special economic zones that are going to be set up as a part of the International Finance Services Centre are being evolved by Union minister of state Jayant Sinha and other legal experts
  • The proposed rules of MCIA will be in par with the SICA(singapore), FCC(France ) and LCIA(London)
  • The MCIA will have road shows conducted all over the world to popularize MCIA and also to attract investments for Maharashtra

Points to note

  • Maharashtra CM- Devendra Fadnavis
  • Capital– Mumbai
  • Finance Minister– Arun Jaitley