Parliament has passed the New Delhi International Arbitration Centre Bill, 2019, with the Rajya Sabha approving it today by a voice vote. The Lok Sabha has already passed the bill. It replaces an ordinance which was promulgated in March this year. <br />'' <br />'' It seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre, NDIAC for the purpose of creating an independent and autonomous regime for institutionalized arbitration. <br />'' <br />'' The legislation has provision to declare the NDIAC as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism. <br />'' <br />'' <br />'' Replying to a debate on the bill, Minister of Law and Justice Ravi Shankar Prasad said, the government is keen to make the country a hub of international and domestic arbitration. <br />'' <br />'' He said, the proposed New Delhi International Arbitration Centre will be headed by a chairperson who has been a judge of the Supreme Court or a judge of a high court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration. He said, institutional arbitration is being promoted across the world. <br />'' <br />'' He said, for infrastructural development in the country, foreign and domestic investment are required and there should be a proper redressal platform in case of disputes.<br />'' <br />'' Participating in the debate, Anand  Sharma of Congress said that there should be a defined time frame in the Arbitration process which is lacking in the bill. He said, the Arbitration Council of India which will be set up will have trained arbitrators but there is dearth of such people in the country. <br />'' <br />'' Members from other political parties including BJP, JD(U) AIADMK and BSP participated in the discussion. The Rajya Sabha also passed the Arbitration and Conciliation (Amendment) Bill, 2019.<br />''