In order to facilitate timely settlement of disputes under international jurisprudence, the Centre will set up an International Arbitration Centre in Gujarat International Finance Tec-City (GIFT), said Union Finance Minister Nirmala Sitharaman on Tuesday.
Presenting the Union Budget for the year 2022-23 today, Sitharaman said, "An international Arbitration Centre would be set up in the GIFT city for timely settlement of disputes under international jurisprudence. Services for global capital for sustainable and climate finance in the country will be facilitated in the GIFT city."
While announcing various new schemes during the budget presentation, Union Finance Minister also said it has been observed that a lot of time and resources are consumed in the filing of appeals that involve identical issues.
"Taking forward our policy of sound litigation management, I propose to provide that, if a question of law in the case of an assessee is identical to a question of law which is pending in appeal before the jurisdictional High Court or the Supreme Court, in any case, the filing of further appeal in the case of this assessee by the department shall be deferred till such question of law is decided by the jurisdictional High Court or the Supreme Court," said Sitharaman.
On the announcement of the setup of an International Arbitration Centre, Union Minister of Law and Justice Kiren Rijiju said that the move will strengthen Prime Minister Narendra Modi's vision of making India a global hub for international arbitration.
Rijiju further said the Prime Minister's principle of "maximum governance, minimum government" is further strengthened through the application of litigation management. He lauded Finance Minister Nirmala Sitharaman for sharing a roadmap for trust-based governance in India.
As per the Union Budget 2022-23, Union Law and Justice Ministry has allocated with total Rs 4054.94 crore. Out of the said total amount, a sum of Rs. 3,393 crores has been allocated to the Law and Justice. Further, Rs 260 crores has been allocated to the Election Commission of India while an estimated budget of 401.46 crores has been allocated to the Supreme Court of India.
( With inputs from ANI )
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