India is keen to be a global arbitration hub: Prasad

  1. Law Minister: The international arbitration system is ad hoc and unpredictable & India is keen to become a global hub for international arbitration
  2. Mumbai is coming as a big hub of dispute resolution & Delhi would also come along in the same way
  3. Background: The comments come at a time when Cairn Energy has initiated international arbitration seeking $5.6 billion in compensation from the Indian government against a retrospective tax demand of Rs.29,047 crore made by tax authorities
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