The Rajya Sabha on Thursday passed the Arbitration and Conciliation (Amendment) Bill 2019 that seeks to make India a hub of arbitration for settling commercial disputes in a shorter period of time.

The Upper House also cleared another bill for setting up the New Delhi International Arbitration Centre (NDIAC) for creating an independent and autonomous regime for institutionalised arbitration. The New Delhi International Arbitration Centre Bill, 2019 declares the NDIAC as an institution of national importance.