Cabinet nod for Delhi branch of Permanent Court of Arbitration
The Union Cabinet on Thursday cleared a proposal to set up a regional branch of the Permanent Court of Arbitration (PCA) in New Delhi.
By ET Bureau |
NEW DELHI: The Union Cabinet on Thursday cleared a proposal to set up a regional branch of the Permanent Court of Arbitration (PCA) in New Delhi, a move which will help local and foreign companies as well as the government to resolve disputes through arbitration.
The proposed branch would provide a forum for international arbitration in India for disputes arising in the country and the region. It would reduce cost of arbitration, encouraging frequent recourse to the alternative method of settling disputes. The facility would benefit both state as well as non-state entities, such as foreign companies which have made investments in the region.
The PCA is an inter-governmental organisation with over 100 member nations. Based in The Hague in the Netherlands, the PCA was set up in 1899 to facilitate arbitration and other forms of dispute resolution. The Cabinet has approved signing of the host country agreement between India and the PCA for establishing the branch.
In another decision, the Cabinet Committee on Prices (CCP) decided not to extend the sugar exports subsidy beyond the current season which ends in September. The decision is aimed at controlling price of the commodity in the domestic market. The Centre gives an export assistance of Rs 1,350 a tonne for mills located in coastal states and Rs 1,450 per tonne for those in other areas. The assistance is being given since April.
Separately, the CCEA, which also met here under the chairmanship of prime minister Manmohan Singh, approved a financial package of Rs 60 crore to revive the Ranchi-based public sector firm Heavy Engineering Corporation. The state-run company had been sick for a long time but started earning profit from 2006-07. Engaged in manufacturing of engineering equipment, machine tools and spares for industries, HEC would receive Rs 250 crore from the state government with no future commitment for transfer of additional land or buildings. The CCEA also cleared a proposal to establish 20 new Jawahar Navodaya Vidyalayas during 2008-09 in 20 districts at a cost of Rs 431 crore.
The proposed branch would provide a forum for international arbitration in India for disputes arising in the country and the region. It would reduce cost of arbitration, encouraging frequent recourse to the alternative method of settling disputes. The facility would benefit both state as well as non-state entities, such as foreign companies which have made investments in the region.
The PCA is an inter-governmental organisation with over 100 member nations. Based in The Hague in the Netherlands, the PCA was set up in 1899 to facilitate arbitration and other forms of dispute resolution. The Cabinet has approved signing of the host country agreement between India and the PCA for establishing the branch.
In another decision, the Cabinet Committee on Prices (CCP) decided not to extend the sugar exports subsidy beyond the current season which ends in September. The decision is aimed at controlling price of the commodity in the domestic market. The Centre gives an export assistance of Rs 1,350 a tonne for mills located in coastal states and Rs 1,450 per tonne for those in other areas. The assistance is being given since April.
Separately, the CCEA, which also met here under the chairmanship of prime minister Manmohan Singh, approved a financial package of Rs 60 crore to revive the Ranchi-based public sector firm Heavy Engineering Corporation. The state-run company had been sick for a long time but started earning profit from 2006-07. Engaged in manufacturing of engineering equipment, machine tools and spares for industries, HEC would receive Rs 250 crore from the state government with no future commitment for transfer of additional land or buildings. The CCEA also cleared a proposal to establish 20 new Jawahar Navodaya Vidyalayas during 2008-09 in 20 districts at a cost of Rs 431 crore.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
