Assertion (A): The Arbitration and Conciliation Act, 1996 is the first statute on arbitration in independent India.
Reasoning (R): The Arbitration and Conciliation Act, 1996 is modelled on the UNCITRAL model law.
Answer & explanation
Correct answer: option 4
The Arbitration and Conciliation Act, 1996 repealed several pre-existing Arbitration statutes such as The Arbitration Act, 1940; The Arbitration (Protocol and Convention) Act, 1937 and The Foreign Awards (Recognition and Enforcement) Act, 1961. Thus, arbitration has for long been a part of the Indian legal system.