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Start Free TrialPayment 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
List Judgments citing this sectionBonded Labour System Abolition Act, 1976 Complete Act
Title: Bonded Labour System Abolition Act, 1976
State: Central
Year: 1976
.....not to be evicted from homestead, etc Section9 - Creditor not to accept payment against extinguished debt Chapter IV Section10 - Authorities who may be specified for implementing the provisions of this Act Section11 - Duty of District Magistrate and other officers to ensure credit Section12 - Duty of District Magistrate and officers authorised by him Chapter V Section13 - Vigilance Committees Section14 - Functions of Vigilance Committees Section15 - Burden of proof Chapter VI Section16 - Punishment for enforcement of bonded labour Section17 - Punishment for advancement of bonded debt Section18 - Punishment for extracting bonded labour under the bonded labour system Section19 - Punishment for omission or failure to restore possession of property to bonded labourers Section20 - Abetment to bean offence Section21 - Offences to be tried by Executive Magistrates Section22 - Cognizance of offences Section23 - Offences by companies Chapter VII Section24 - Protection of action taken in good faith Section25 - Jurisdiction of civil courts barred Section26 - Power to make rules Section27 - Repeal and saving
List Judgments citing this sectionNeyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Complete Act
Title: Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994
State: Central
Year: 1994
Preamble1 - NEYVELI LIGNITE CORPORATION LIMITED (ACQUISITION AND TRANSFER OF POWER TRANSMISSION SYSTEM) ACT, 1994 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Chapter II Section3 - Acquisition of rights of company in relation to the power transmission system Section4 - General effect of vesting Section5 - Corporation to be liable for certain prior liabilities Section6 - Corporation to be lessee or tenant Section7 - Removal of doubts Section8 - Payment of amount Chapter III Section9 - Duty of persons to account for assets, etc., in their possession Chapter IV Section10 - Continuance of associated personnel Section11 - Provident fund and other funds Chapter V Section12 - Act to have overriding effect Section13 - Penalties Section14 - Offences by companies Section15 - Protection of action taken in good faith Section16 - Power to make rules
List Judgments citing this sectionWeapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 Complete Act
Title: Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005
State: Central
Year: 2005
..... Section10 - Prohibition as regards intimidating acts Section11 - Prohibition of export Section12 - Prohibition on brokering Section13 - Regulation of export, transfer, retransfer, transit and trans-shipment Section14 - Offences and penalties Section15 - Punishment for aiding non-State actor or terrorist Section16 - Punishment for unauthorised export Section17 - Punishment for violation of other provisions of Act Section18 - Penalty for using false or making forged documents, etc Section19 - Punishment for offences with respect to which no provision has been made Section20 - Offences by companies Section21 - Cognizance of Offences Section22 - Bar of jurisdiction of civil courts Section23 - Effect of other laws Section24 - Protection of action taken in good faith Section25 - Special provisions as to Central Government Section26 - Power to make rules Section27 - Power to remove difficulties
List Judgments citing this sectionPayment and Settlement Systems Act 2007 Chapter III
Title: Authorisation of Payment Systems
State: Central
Year: 2007
.....the terms and conditions governing their relationship with payment system providers; (viii) monetary and credit policies; and (ix) such other factors as may be considered relevant by the Reserve Bank. (2) An authorisation issued under sub-section (1) shall be in such form as may be prescribed and shall (a) state the date on which it takes effect; (b) state the conditions subject to which the authorisation shall be in force; (c) indicate the payment of fees, if any, to be paid for the authorisation to be in force; (d) if it considers necessary, require the applicant to furnish such security for the proper conduct of the payment system under the provisions of this Act; (e) continue to be in force till the authorisation is revoked. (3) Where the Reserve Bank considers that the application for authorisation should be refused, it shall give the applicant a written notice to that effect stating the reasons for the refusal: Provided that no such application shall be refused unless the applicant is given a reasonable opportunity of being heard. (4) Every application for authorisation shall be processed by the Reserve Bank as soon as possible and an endeavour.....
View Complete Act List Judgments citing this sectionPayment and Settlement Systems Act 2007 Chapter V
Title: Rights and Duties of a System Provider
State: Central
Year: 2007
.....arrangements and other relevant documents. (2) It shall be the duty of every system provider to maintain the standards determined under this Act. Section 22 - Duty to keep documents in the payment system confidential (1) A system provider shall not disclose to any other person the existence or contents of any document or part thereof or other information given to him by a system participant, except where such disclosure is required under the provisions of this Act or the disclosure is made with the express or implied consent of the system participant concerned or where such disclosure is in obedience to the orders passed by a court of competent jurisdiction or a statutory authority in exercise of the powers conferred by a statute. (2) The provisions of the Bankers' Book Evidence Act, 1891 shall apply in relation to the information or documents or other books in whatever form maintained by the system provider. Section 23 - Settlement and netting (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.....
View Complete Act List Judgments citing this sectionNeyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Chapter II
Title: Acquisition and Transfer of Power Transmission System
State: Central
Year: 1994
.....that rights in relation to the power transmission system of the company which have been transferred to, and vested in, the Corporation under sub-section (2) of section 3 and this sub-section shall include the right to collect transmission charges for transmission of power and any monies collected on or after the appointed "day by the company as transmission charges (whether shown separately or not) shall be payable by the company to the Corporation. (2) Unless otherwise expressly provided by this Act, all deeds, bonds, guarantees (other than gurantees given by the Government of India), agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the power transmission system of the company, subsisting or having effect immediately before the appointed day, and to which the company is a party or which are in favour of the said company shall be of as full force and effect against or in favour of the Corporation and may be enforced or acted upon as fully and effectually as if in the place of the company, the Corporation had been a party thereto or as if they had been issued in favour of the Corporation. (3) If, on the.....
View Complete Act List Judgments citing this sectionPayment and Settlement Systems Act 2007 Section 11
Title: 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 weeks of receipt of the intimation of the proposed changes from the system provider. (3) The system provider shall, within a period of two weeks of the receipt of the objections from the Reserve Bank forward his comments to the Reserve Bank and the proposed changes may be effected only after the receipt of approval from the Reserve Bank.
View Complete Act List Judgments citing this sectionPayment and Settlement Systems Act 2007 Section 4
Title: Payment System Not to Operate Without Authorisation
State: Central
Year: 2007
.....within such period, the operator of such payment system obtains an authorisation under this Act or the application for authorisation made under section 7 of this Act is refused by the Reserve Bank; (b) any person acting as the duly appointed agent of another person to whom the payment is due; (c) a company accepting payments either from its holding company or any of its subsidiary companies or from any other company which is also a subsidiary of the same holding company; (d) any other person whom the Reserve Bank may, after considering the interests of monetary policy or efficient operation of payment systems, the size of any payment system or for any other reason, by notification, exempt from the provisions of this section. (2) The Reserve Bank may, under sub-section (1) of this section, authorise a company or corporation to operate or regulate the existing clearing houses or new clearing houses of banks in order to have a common retail clearing house system for the banks throughout the country: Provided, however, that not less than fifty-one per cent. of the equity of such company or corporation shall be held by public sector banks. Explanation. For the.....
View Complete Act List Judgments citing this sectionPayment and Settlement Systems Act 2007 Section 21
Title: Duties of a System Provide
State: Central
Year: 2007
(1) Every system provider shall disclose to the existing or potential system participants, the terms and conditions including the charges and the limitations of liability under the payment system, supply them with copies of the rules and regulations governing the operation of the payment system, netting arrangements and other relevant documents. (2) It shall be the duty of every system provider to maintain the standards determined under this Act.
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