Title : Protection of Action Taken in Good Faith
State : Central
Year : 2007
No suit or other legal proceedings shall lie against the Central Government, the Reserve Bank, or any officer thereof for any damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act, any regulations, order or direction made or given thereunder. View Complete Act List Judgments citing this sectionState : 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,..... List Judgments citing this sectionTitle : Payment and Settlement Systems Act 2007
State : Central
Year : 2007
Preamble1 - PAYMENT AND SETTLEMENT SYSTEMS ACT 2007 Chapter I Section1 - Short title extent and commencement Section2 - Definitions Chapter II Section3 - Designated authority and its Committee Chapter III Section4 - Payment System not to operate without authorisation Section5 - Application for authorisation Section6 - Inquiry by the Reserve Bank Section7 - Issue or refusal of authorisation Section8 - Revocation of authorisation Section9 - Appeal to the Central Government Chapter IV Section10 - Power to determine standards Section11 - Notice of Change in the payment system Section12 - Power to call for returns, documents or other information Section13 - Access to information Section14 - Power to enter and inspect Section15 - Information, etc., to be confidential Section16 -..... List Judgments citing this sectionTitle : Notice of Change in the Payment System
State : Central
Year : 2007
(1) No system provider shall cause any change in the system which would affect the structure or the operation of the payment system without (a) the prior approval of the Reserve Bank; and (b) giving notice of not less than thirty days to the system participants after the approval of the Reserve Bank: Provided that in the interest of monetary policy of the country or in public interest, the Reserve Bank may permit the system provider to make any changes in a payment system without giving notice to the system participants under clause (b) or requiring the system provider to give notice for a period longer than thirty days. (2) Where the Reserve Bank has any objection, to the proposed change for any reason, it shall communicate such objection to the systems provider within two..... View Complete Act List Judgments citing this sectionTitle : Power of Reserve Bank to Give Directions Generally
State : Central
Year : 2007
Without prejudice to the provisions of the foregoing, the Reserve Bank may, if it is satisfied that for the purpose of enabling it to regulate the payment systems or in the interest of management or operation of any of the payment systems or in public interest, it is necessary so to do, lay down policies relating to the regulation of payment systems including electronic, non-electronic, domestic and international payment systems affecting domestic transactions and give such directions in writing as it may consider necessary to system providers or the system participants or any other person either generally or to any such agency and in particular, pertaining to the conduct of business relating to payment systems. View Complete Act List Judgments citing this sectionTitle : Settlement and Netting
State : Central
Year : 2007
(1) The payment obligations and settlement instructions among the system participants shall be determined in accordance with the gross or netting procedure, as the case may be, approved by the Reserve Bank while issuing authorisation to a payment system. (2) Where the rules providing for the operation of a payment system indicates a procedure for the distribution of losses between the system participants and the payment system, such procedure shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force. (3) A settlement effected under such procedure shall be final and irrevocable. (4) Where a system participant is declared by a court of competent jurisdiction as insolvent or is dissolved or wound up, then notwithstanding..... View Complete Act List Judgments citing this sectionTitle : Power to Determine Standards
State : Central
Year : 2007
(1) The Reserve Bank may, from time to time, prescribe (a) the format of payment instructions and the size and shape of such instructions; (b) the timings to be maintained by payment systems; (c) the manner of transfer of funds within the payment system, either through paper, electronic means or in any other manner, between banks or between banks and other system participants; (d) such other standards to be complied with the payment systems generally; (e) the criteria for membership of payment systems including continuation, termination and rejection of membership; (f) the conditions subject to, which the system participants shall participate in such fund transfers and the rights and obligations of the system participants in such funds. (2) Without prejudice to the..... View Complete Act List Judgments citing this sectionTitle : Access to Information
State : Central
Year : 2007
The Reserve Bank shall have right to access any information relating to the operation of any payment system and system provider and all the system participants shall provide access to such information to the Reserve Bank. View Complete Act List Judgments citing this sectionTitle : Settlement of Disputes
State : Central
Year : 2007
(1) The system provider shall make provision in its rules or regulations for creation of panel consisting of not less than three system participants other than the system participants who are parties to the dispute to decide the disputes between system participants in respect of any matter connected with the operation of the payment system. (2) Where any dispute in respect of any matter connected with the operation of the payment system arises between two or more system participants, the system provider shall refer the dispute to the panel referred to in sub-section (1). (3) Where any dispute arises between any system participant and the system provider or between system providers or where any of the system participants is not satisfied with the decision of the panel referred to in..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 2007
(1) In this Act, unless the context otherwise requires, (a) "bank" means, (i) a bank inclu'ded 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 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"),..... View Complete Act List Judgments citing this section