<span style="color: #222222;">The Lok Sabha has passed the Arbitration and Conciliation (Amendment) Bill, 2018. It will amend the Arbitration and Conciliation Act, 1996.<br />''<br />''The Bill seeks to establish an independent body called the Arbitration Council of India for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms. </span><br />'' <br />'' <span style="color: #222222;">Replying to a debate on the Bill, Law Minister Ravi Shankar Prasad said, the legislation provides for time-bound settlement of disputes as well as accountability of the arbitrator. </span><br />'' <br />'' <span style="color: #222222;">He said, it is a momentous and important legislation as Government wants India to become a hub of domestic and international arbitration. He said, there is a need for robust mechanism to deal with institutional disputes. </span><br />'' <br />'' <span style="color: #222222;">Earlier, moving the Bill, Minister of State for Law and Justice P P Chaudhary said, Government wants to make India a hub of international arbitration. He said, it will improve ease of doing business as well as India's ranking. </span><br />'' <br />'' <span style="color: #222222;">He said, a confidentiality clause has been added in the Bill so that confidentiality can be maintained with respect to arbitration institution, arbitrators and parties. The Minister said, arbitrating process will be initiated from 23rd October onwards. </span><br />'' <br />'' <span style="color: #222222;">Initiating the discussion Sunil Jakhar of Congress asked if the Rafale Deal will make it to the proposed arbitration panel.</span><br />'' <br />'' <span style="color: #222222;">Sharad Tripathi of BJP termed the Bill as very important and said that it will improve the business environment of the country. He said  India is growing at a rate of 7.5 per cent.</span><br />''