Arbitration and Conciliation Act currently applicable in India was implemented in the year*1990199219941996

The Arbitration and Conciliation Act currently applicable in India was implemented in the year 1996. This Act was enacted to provide a framework for arbitration and conciliation as a means of resolving disputes outside the courts. Prior to this Act, arbitration was governed by the Arbitration Act of 1940, which had become outdated and ineffective in addressing the needs of modern commercial transactions.

The 1996 Act was a significant improvement as it incorporated international best practices and aimed at making the arbitration process more efficient. It introduced provisions for the enforcement of foreign arbitral awards in India, thereby promoting international arbitration in line with the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration. The Act outlines the procedures for arbitration, the powers of arbitral tribunals, and the application for setting aside arbitral awards.

In summary, the Arbitration and Conciliation Act was implemented in 1996, marking a substantial advancement in the legal framework for dispute resolution in India.