President Promulgates Two Ordinances- One for Constitution of Commercial Courts and Another to Amend the Arbitration and Conciliation Act 1996

The President of India has promulgated two ordinances - one for constitution of commercial courts and another to amend the Arbitration and Conciliation Act 1996 

One of the ordinances provides for the constitution of Commercial Courts, Commercial Division and Commercial Appellate Division in the High Courts for adjudicating commercial disputes of specified value and for matters connected there with or incidental thereto. 

The other ordinance is for amending the Arbitration and Conciliation Act 1996. 

The union cabinet had approved promulgation of these ordinances on Wednesday-(21.10.2015) and recommended the same to the President.