Govt amends Fourth Schedule of Arbitration and Conciliation Act, 1996

Central Government being satisfied that it is expedient to do so, hereby  amends fees of the arbitral tribunal under Arbitration and Conciliation Act, 1996.

MINISTRY OF LAW AND JUSTICE
(Legislative Department)
NOTIFICATION
New Delhi, the 12th November, 2018

S.O. 5674(E).—In exercise of the powers conferred by sub–section (1) of section 11A of the Arbitration and Conciliation Act, 1996 (26 of 1996), the Central Government being satisfied that it is expedient to do so, hereby makes the following amendment in the Fourth Schedule to the said Act, namely:-

In the Arbitration and Conciliation Act, 1996, for the Fourth Schedule, the following Schedule shall be substituted, namely:–

“THE FOURTH SCHEDULE
[See sub-section (14) of section 11]

Note: In the event the arbitral tribunal is a sole arbitrator, he shall be entitled to an additional amount of twenty-five per cent. on the fee payable as per the above.”.

2. This notification shall be deemed to have come into force on the 23^rdday of October, 2015.

[F. No.10(1)/2017-Leg.III]

K. BISWAL, Addl. Secy.

Explanatory Memorandum

In the Fourth Schedule to the Arbitration and Conciliation Act, 1996, under the heading ‘Sum in dispute’, against the entry ‘Above Rs.10,00,00,000 and up to Rs.20,00,00,000’, the model fee is inadvertently mentioned as ‘Rs.12,37,500 plus 0.75 per cent. of the claim amount over and above Rs.1,00,00,000/’ instead of ‘Rs.12,37,500 plus 0.75 per cent. of the claim amount over and above Rs.10,00,00,000/’. Hence, the said Schedule is amended to rectify the above with effect from the date the Arbitration and Conciliation (Amendment) Act, 2015 (3 of 2016) came into force. It is certified that no party to arbitration will be prejudicially affected by the retrospective effect being given to this amendment.