Five key legislations get President’s approval

President Pranab Mukherjee has given nod to five key bills that were passed by the Parliament in the recently concluding session, according to official sources.

The Arbitration and Conciliation (Amendment) Act, 2015, will pave way for speedy settlement of high value business disputes, as an arbitrator will have to settle a case within 18 months.

The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act is aimed at creating commercial benches in select high courts. 

The Atomic Energy (Amendment) Act will allow state-run Nuclear Power Corporation of India Ltd (NPCIL) to have collaboration with other public sector undertakings in the nuclear field. At present, only two PSUs — NPCIL and Bhartiya Nabhikiya Vidyut Nigam Limited (BHAVINI) — operate nuclear power plants in the country.

The Payment of Bonus (Amendment) Act, 2015, provides for enhancing monthly bonus calculation ceiling to Rs 7,000 per month from the existing Rs 3,500. 

The Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Act, 2015, states that any intentional touching of an SC or ST woman in a sexual manner without her consent, using words, acts or gestures of a sexual nature, dedicating her as a devadasi to a temple will be considered an offence.