The Payment and Settlement Systems Act, 2007
Central · 2007
- S. 1Short title, extent and commencement.
- S. 2Definitions.
- S. 3Designated authority.
- S. 4Payment system not to operate without authorisation.
- S. 5Application for authorisation.
- S. 6Inquiry by the Reserve Bank.
- S. 7Issue or refusal of authorisation.
- S. 8Revocation of authorisation.
- S. 9Appeal to the Central Government.
- S. 10Power to determine standards.
- S. 10ABank, etc., not to impose charge for using electronic modes of payment.
- S. 11Notice of change in the payment system.
- S. 12Power to call for returns, documents or other information.
- S. 13Access to information.
- S. 14Power to enter and inspect.
- S. 15Information, etc., to be confidential.
- S. 16Power to carry out audit and inspection.
- S. 17Power to issue directions.
- S. 18Power of Reserve Bank to give directions generally.
- S. 19Directions of Reserve Bank to be complied with.
- S. 20System provider to act in accordance with the Act, regulations, etc.
- S. 21Duties of a system provider.
- S. 22Duty to keep documents in the payment system confidential.
- S. 23Settlement and netting.
- S. 23AProtection of funds collected from customers.
- S. 24Settlement of disputes.
- S. 25Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.
- S. 26Penalties.
- S. 27Offences by companies.
- S. 28Cognizance of offences.
- S. 29Application of fine.
- S. 30Power to exempt.
- S. 31Power to compound offences.
- S. 32Act to have overriding effect.
- S. 33Mode of recovery of penalty.
- S. 34Act not to apply to stock exchanges or clearing corporations of stock exchanges.
- S. 34AAct to apply to designated trade repository and issuer.
- S. 34BPowers of Reserve Bank not to apply to International Financial Services Centre
- S. 35Certain persons deemed to be public servants.
- S. 36Protection of action taken in good faith.
- S. 37Power to remove difficulties.
- S. 38Power of Reserve Bank to make regulations.