Bare Act Search Results

Payment and Settlement Systems Act 2007 Section 23

Title: Settlement and Netting

State: Central

Year: 2007

.....that has become final and irrevocable and the right of the system provider to appropriate any collaterals contributed by the system participant towards its settlement or other obligations in accordance with the rules, regulations or bye-laws of such system provider. Explanation-For the removal of doubts, it is hereby declared that the settlement, whether gross or net, referred to in this section is final and irrevocable as soon as the money, securities, foreign exchange or derivatives or other transactions payable as a result of such settlement is determined, whether or not such money, securities or foreign exchange or derivatives or other transactions is actually paid.

Payment and Settlement Systems Act 2007 Complete Act

Title: Payment and Settlement Systems Act 2007

State: Central

Year: 2007

.....documents in the payment system confidential Section23 - Settlement and netting Chapter VI Section24 - Settlement of disputes Section25 - Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account Chapter VII Section26 - Penalties Section27 - Offences by companies Section28 - Cognizance of offences Section29 - Application of fine Section30 - Power of Reserve Bank to impose fines Section31 - Power to compound offences Chapter VIII Section32 - Act to have overriding effect Section33 - Mode of recovery of penalty Section34 - Act not to apply to stock exchanges or clearing corporations of stock exchanges Section35 - Certain persons deemed to be public servants Section36 - Protection of action taken in good faith Section37 - Power of Reserve Bank to make regulations Section38 - Power of Reserve Bank to make regulations

Life Insurance Corporation (Modification of Settlements) Act, 1976 Preamble 1

Title: Life Insurance Corporation (Modification of Settlements) Act, 1976

State: Central

Year: 1976

LIFE INSURANCE CORPORATION (MODIFICATION OF SETTLEMENTS) ACT, 1976 [Act, No. 72 of 1976] [29th May, 1976] PREAMBLE An Act to provide for the modification of the settlements arrived at between the Life Insurance Corporation of India and their workmen. BE it enacted by Parliament in the Twenty-seventh Year of the Republic of India as follows:--

Life Insurance Corporation (Modification of Settlements) Act, 1976 Complete Act

Title: Life Insurance Corporation (Modification of Settlements) Act, 1976

State: Central

Year: 1976

Preamble1 - LIFE INSURANCE CORPORATION (MODIFICATION OF SETTLEMENTS) ACT, 1976 Section1 - Short title Section2 - Definitions Section3 - Modification of settlements

Payment and Settlement Systems Act 2007 Preamble 1

Title: Payment and Settlement Systems Act 2007

State: Central

Year: 2007

THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 [Act No. 51 of 2007] [20th December, 2007] PREAMBLE An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:

Payment and Settlement Systems Act 2007 Chapter VI

Title: Settlement of Disputes

State: Central

Year: 2007

.....funds transfer through an instruction, authorisation, order or agreement, did not have reason to believe at the time of such instruction, authorisation, order or agreement that the credit of his account is insufficient to effect the electronic funds transfer. (4) The Court shall, in respect of every proceeding under this section, on production of a communication from the bank denoting the dishonour of electronic funds transfer, presume the fact of dishonour of such electronic funds transfer, unless and until such fact is disproved. (5) The provisions of Chapter XVII of the Negotiable Instruments Act, 1881(26 of 1881) shall apply to the dishonour of electronic funds transfer to the extent the circumstances admit. Explanation. For the purposes of this section, "debt or other liability" means a legally enforceable debt or other liability, as the case may be.

Payment and Settlement Systems Act 2007 Section 24

Title: Settlement of Disputes

State: Central

Year: 2007

.....system providers or where any of the system participants is not satisfied with the decision of the panel referred to in sub-section (1), the dispute shall be referred to the Reserve Bank. (4) The dispute referred to the Reserve Bank for adjudication under sub-section (3) shall be disposed of by an officer of the Reserve Bank generally or specially authorised in this behalf and the decision of the Reserve Bank shall be final and binding. (5) Where a dispute arises between the Reserve Bank, while acting in its capactiy as system provider or as system participant, and another system provider or system participant, the matter shall be referred to the Central Government which may authorise an officer not below the rank of Joint Secretary for settlement of the dispute and the decision of such officer shall be final.

Life Insurance Corporation (Modification of Settlements) Act, 1976 Section 3

Title: Modification of Settlements

State: Central

Year: 1976

Notwithstanding anything contained in the Industrial Disputes Act, 1947, the provisions of each of the settlements, in so far as they relate to the payment of an annual cash bonus to every Class III and Class IV employee of the Corporation at the rate of fifteen per cent of his annual salary, shall not have any force or effect and shall not be deemed to have had any force or effect on and from the 1st day of April, 1975.

Payment and Settlement Systems Act, 2007 Complete Act

State: Central

Year: 2007

PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 51 OF 2007 An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:- CHAPTER 1 : Preliminary SECTION 1 : Short title extent and commencement (1) This Act may be called the Payment and Settlement Systems Act, 2007. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act, and any reference to the commencement in any such provision of this Act shall be construed as a reference to the commencement of that provision. SECTION 2 : Definitions (1) In this Act, unless the context otherwise requires,- (a) "bank" means,- (i) a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (ii) a post office savings bank; (iii) a banking company.....

Payment and Settlement Systems Act 2007 Chapter I

Title: Preliminary

State: Central

Year: 2007

.....as defined in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (iv) a co-operative bank as defined in clause (cci) of section 5, as inserted by section 56, of the Banking Regulation Act, 1949(10 of 1949); and (v) such other bank as the Reserve Bank may, by notification, specify for the purposes of this Act; (b) "derivative" means an instrument, to be settled at a future date, whose value is derived from change in interest rate, foreign exchange rate, credit rating or credit index, price of securities (also called "underlying"), or any other underlying or a combination of more than one of them and includes interest rate swaps, forward rate agreements, foreign currency swaps, foreign currency rupee swaps, foreign currency options, foreign currency rupee options or any other instrument, as may be specified by the Reserve Bank from time to time; (c) "electronic funds transfer" means any transfer of funds which is initiated by a person by way of instruction, authorisation or order to a bank to debit or credit an account maintained with that bank through electronic means and includes point of sale transfers, automated teller machine transactions,.....