Seeking to improve India's ranking in the ease of doing business index, the government today approved an ordinance to amend a law for the faster disposal of commercial disputes.
Law Minister Ravi Shankar Prasad told reporters here that the Union Cabinet approved an ordinance to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act.
According to the bill which is pending in Parliament, the specified value of a commercial dispute will be brought down to Rs 3 lakh from the present Rs 1 crore.The proposed ordinance will replace the pending bill. It would bring down the time taken from the present 1,445 days in the resolution of commercial disputes of lesser value.
Ease of doing business is an index of World Bank which refers to the dispute resolution environment in a country which facilitates the investors in deciding for setting up of and operation of a business.