The enactment of the Indian Arbitration and Conciliation Act (the “Act”) in 1996 marks a significant advance beyond earlier statutes in meeting the needs of international commerce. From the viewpoint of American lawyers involved in international transactions with India this is especially so since it replaces or modifies key provisions in the Foreign Awards (Recognition and Enforcement) Act of 1961 (the “FAA”). The Statement of Objects and Reasons attached to the Bill submitted to Parliament on May 8, 1995 relates that it is widely felt that the “1940 Act, which contains the general law of arbitration, has become outdated . . . It is also recognized that our economic reforms may not become fully effective if the law dealing with settlement of both domestic and international ( lest the point be missed; italics added) commercial disputes remains out of tune with such reforms.” Since the Act, and the book, deal only passingly with the technical category of “international” arbitrations (those held in India), it is safe to assume that the far more important category of “foreign” arbitrations ( those conducted outside India and covered by the New York Convention of 1958) is also intended to be covered by that Preamble.