India's achievement in the FATF Mutual Evaluation reflects its robust anti-money laundering and counter-terrorism financing frameworks, while also highlighting areas for further improvement. The outcome not only enhances India's global financial standing but also aligns with its broader economic and strategic goals.
Arbitration is an alternative dispute resolution (ADR) mechanism that allows parties to resolve disputes outside the court system. Here's a detailed overview based on the information you provided:
Arbitration is a process where disputes are resolved by appointing an independent and neutral third party, known as an arbitrator, to make a decision. This decision is binding on the parties involved. Key features of arbitration include:
In India, arbitration is governed by the Arbitration and Conciliation Act, 1996. This legislation was enacted to move commercial disputes away from the overburdened court system and facilitate a more efficient dispute resolution process.
The Union Finance Ministry's recent directive to restrict arbitration clauses in government contracts to disputes below Rs 10 crore highlights a concern about the high costs and lengthy processes associated with arbitration. This measure aims to manage and potentially reduce the expenses and duration of arbitration proceedings in government contracts.
Understanding these aspects of arbitration helps in choosing the most appropriate method for resolving disputes and navigating the arbitration process effectively.
The recent guidelines issued by the Finance Ministry aim to enhance the efficiency, fairness, and transparency of arbitration processes involving government or Public Sector Enterprises (PSEs).
Recent Recommendations
These measures reflect a broader effort to make the dispute resolution process involving government entities more efficient, transparent, and fair.
The recent advisory opinion by the International Tribunal for the Law of the Sea (ITLOS) addresses crucial aspects of climate change mitigation within the framework of the United Nations Convention on the Law of the Sea (UNCLOS).
The ITLOS advisory opinion on climate change mitigation highlights the obligation of states under UNCLOS to address marine pollution caused by anthropogenic GHG emissions. By recognizing CO2 as a pollutant and extending the principle of prevention to climate change, the opinion sets a significant precedent for international climate litigation and emphasizes the need for substantial action. Although advisory opinions are not legally binding, they carry substantial political weight and influence. ITLOS’s role in interpreting and applying UNCLOS principles, combined with its recent advisory opinion, underscores the importance of integrating climate change mitigation into international maritime law and policy.
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We provide offline, online and recorded lectures in the same amount.
Every aspirant is unique and the mentoring is customised according to the strengths and weaknesses of the aspirant.
In every Lecture. Director Sir will provide conceptual understanding with around 800 Mindmaps.
We provide you the best and Comprehensive content which comes directly or indirectly in UPSC Exam.