{"id":20753,"date":"2022-02-02T20:27:12","date_gmt":"2022-02-02T14:57:12","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/"},"modified":"2022-02-02T20:27:12","modified_gmt":"2022-02-02T14:57:12","slug":"biz-gift-city-arbitration","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/","title":{"rendered":"&#8216;Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City&#8217;"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1834819471\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Feb 2 (PTI) Setting up an international arbitration centre at GIFT City is welcome but a comprehensive dispute resolution mechanism will be said to be in place only when there are specialised commercial courts within GIFT City with judges equipped with commercial knowledge, according to a law firm.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3021453278\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> On Tuesday, the government announced various proposals related to the GIFT City, including setting up of an international arbitration centre and world-class universities.<\/p>\n<p> GIFT-IFSC is the country&#8217;s first international financial services centre.<\/p>\n<p> Rajendra S Rele, Senior Director \u2013 Financial Institutions Group at Cyril Amarchand Mangaldas, on Wednesday said a comprehensive dispute resolution mechanism will be said to be in place only when there are specialised commercial courts within GIFT City with judges equipped with commercial knowledge.<\/p><div class=\"trade-content_5\" id=\"trade-3261251470\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;In order for GIFT IFSC to be considered a viable and robust seat of arbitration, it is imperative that there is in place an arbitration law providing a good framework for the process and limiting court intervention (which is in place through the Arbitration &#038; Conciliation Act, 1996 (as amended), and critically, an independent, competent and efficient court system, which is prepared to support the arbitral process and efficiently enforce awards,&#8221; Rele said.<\/p>\n<p> Vivek Kathpalia, Managing Director &#038; CEO &#8211; Singapore at Cyril Amarchand Mangaldas, said the proposal to allow world class foreign universities and institutions to be set up in GIFT City will aid in providing the much needed specialists required to fuel the growth of IFSC and beyond.<\/p>\n<p> Rele noted that allowing foreign education institutions to operate in GIFT City independently of any local laws and regulations is an excellent idea.<\/p>\n<p> The world class infrastructure that these bodies will setup will significantly provide a fillip to the local economy, he added.<\/p>\n<p> To further promote IFSC, Finance Minister Nirmala Sitharaman in her Budget speech also proposed tax exemptions for income of non-resident from offshore derivative instruments and income received from portfolio management services in IFSC.<\/p>\n<p> According to Rele, the government has recognised that as a standard market practice, various works contracts compulsorily require individual companies to form a consortium, which is treated as an Associations of Person (AOPs).<\/p><div class=\"trade-content-10\" id=\"trade-1822494784\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;Such AOPs are subject to graded surcharge ranging up to 37 per cent, which is significantly higher than that levied on individual companies. Thus, in order to provide a level playing field, the Budget has sought to cap the surcharge levied on such AOPs (which are only comprised of companies) to 15 per cent,&#8221; he said. PTI RAM MR   MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-2496539398\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Feb 2 (PTI) Setting up an international arbitration centre at GIFT City is welcome but a comprehensive dispute resolution mechanism will be said to be in place only when there are specialised commercial courts within GIFT City with judges equipped with commercial knowledge, according to a law firm. On Tuesday, the government announced [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-20753","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&#039;Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City&#039; - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City&#039;\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Feb 2 (PTI) Setting up an international arbitration centre at GIFT City is welcome but a comprehensive dispute resolution mechanism will be said to be in place only when there are specialised commercial courts within GIFT City with judges equipped with commercial knowledge, according to a law firm. On Tuesday, the government announced [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-02T14:57:12+00:00\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/\",\"name\":\"'Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City' - Trade Brains Features\",\"isPartOf\":{\"@id\":\"https:\/\/tradebrains.in\/features\/#website\"},\"datePublished\":\"2022-02-02T14:57:12+00:00\",\"author\":{\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3\"},\"breadcrumb\":{\"@id\":\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tradebrains.in\/features\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"&#8216;Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City&#8217;\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tradebrains.in\/features\/#website\",\"url\":\"https:\/\/tradebrains.in\/features\/\",\"name\":\"Trade Brains\",\"description\":\"Stock Market NSE\/BSE Latest News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tradebrains.in\/features\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3\",\"name\":\"PTI News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g\",\"caption\":\"PTI News\"},\"url\":\"https:\/\/tradebrains.in\/features\/author\/ptinews\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"'Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City' - Trade Brains Features","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/","og_locale":"en_US","og_type":"article","og_title":"'Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City'","og_description":"New Delhi, Feb 2 (PTI) Setting up an international arbitration centre at GIFT City is welcome but a comprehensive dispute resolution mechanism will be said to be in place only when there are specialised commercial courts within GIFT City with judges equipped with commercial knowledge, according to a law firm. On Tuesday, the government announced [&hellip;]","og_url":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/","og_site_name":"Trade Brains Features","article_publisher":"https:\/\/www.facebook.com\/TradeBrainsOfficial\/","article_published_time":"2022-02-02T14:57:12+00:00","author":"PTI News","twitter_card":"summary_large_image","twitter_creator":"@TradeBrainsGrp","twitter_site":"@TradeBrainsGrp","twitter_misc":{"Written by":"PTI News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/","url":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/","name":"'Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City' - Trade Brains Features","isPartOf":{"@id":"https:\/\/tradebrains.in\/features\/#website"},"datePublished":"2022-02-02T14:57:12+00:00","author":{"@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3"},"breadcrumb":{"@id":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tradebrains.in\/features\/biz-gift-city-arbitration\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tradebrains.in\/features\/"},{"@type":"ListItem","position":2,"name":"&#8216;Comprehensive dispute resolution mechanism will need specialised commercial courts within GIFT City&#8217;"}]},{"@type":"WebSite","@id":"https:\/\/tradebrains.in\/features\/#website","url":"https:\/\/tradebrains.in\/features\/","name":"Trade Brains","description":"Stock Market NSE\/BSE Latest News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tradebrains.in\/features\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3","name":"PTI News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g","caption":"PTI News"},"url":"https:\/\/tradebrains.in\/features\/author\/ptinews\/"}]}},"_links":{"self":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts\/20753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/comments?post=20753"}],"version-history":[{"count":0,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts\/20753\/revisions"}],"wp:attachment":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/media?parent=20753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/categories?post=20753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/tags?post=20753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}