Act Number: 17

Act Name: The India International Arbitration Centre Act, 2019

Year: 2019

Enactment Date: 2019-07-26

Long Title: An Act to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.

Ministry: Ministry of Law and Justice

Department: Department of Legal Affairs

Section 25: Fund of Centre.
     (1) The Centre shall maintain a Fund to which shall be credited,--
         (a) all monies provided by the Central Government;
         (b) all fees and other charges received during or in connection with the arbitration, conciliation, mediation or other proceedings;
         (c) all monies received by the Centre for the facilities provided by it to the parties;
         (d) all monies received by the Centre in the form of donations, grants, contributions and income from other sources; and
         (e) the amount received from the investment income.
     (2) All monies credited to the Fund shall be deposited in such banks or invested in such manner as may be decided by the Centre.
     (3) The Fund shall be applied towards meeting the salaries and other allowances of Members 1[Registrar, Counsel and other officers and employees of the Centre] and the expenses of the Centre including expenses incurred in the exercise of its powers and discharge of its duties under this Act.
    
Notes:
1. Ins. by s. 12, ibid. (w.e.f. 27-1-2023).
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