Bare Act Search Results

Payment and Settlement Systems Act 2007 Section 2

Title: Definitions

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,.....

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,.....

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.....

Warehousing (Development and Regulation) Act 2007 Section 23

Title: Issue of Duplicate Receipt

State: Central

Year: 2007

(1) No warehouseman shall issue a warehouse receipt without actually receiving the goods of the quantity, quality or grade and other particulars as may be mentioned in the receipt. (2) No warehouseman shall issue more than one receipt for the same goods deposited by any person: Provided that in case of a loss or destruction, a duplicate receipt may be issued in such manner as may be specified by the Authority by regulations. (3) If a warehouseman fails to comply with the provisions of sub-section (2), he would be liable for all such damages caused by the failure to any person who has transacted on such receipt for valuable consideration, believing it to be an original, even though the transaction is after the delivery of the goods by the warehouseman to the holder of the original receipt. (4) A receipt on the face of which the word "duplicate" is plainly marked is a representation and warranty by the warehouseman that it is an accurate copy of a receipt properly issued and uncancelled on the date of issue of the duplicate warehouse receipt.

Payment 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.....

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.

Finance Act 2007 Section 76

Title: Amendment of Section 271

State: Central

Year: 2007

In section 271 of the Income-tax Act, in sub-section (1),-- (i) in Explanation 4, in clause (b), for the words "means the tax on the total income assessed;", the words and figures "means the tax on the total income assessed as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self assessment tax paid before the issue of notice under section 148;" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2003; (ii) in Explanation 5, in the opening portion, for the words and figures "search under section 132", the words, figures and letters "search initiated under section 132 before the 1st day of June, 2007" shall be substituted with effect from the 1st day of June, 2007; (iii) after Explanation 5, the following Explanation shall be inserted with effect from the 1st day of June, 2007, namely:-- "Explanation 5A.--Where in the course of a search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of- (i) any money, bullion, jewellery or other valuable article or thing (hereinafter in this Explanation referred to as assets) and the.....

Finance Act, 2007 Complete Act

State: Central

Year: 2007

.....in the Fifty-eighth Year of the Republic of India as follows- CHAPTER 1: PRELIMINARY: SECTION 1: Short title and commencement: (1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2007, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural income shall be taken.....

Khadi and Village Industries Commission Regulations, 2007 Complete Act

State: Central

Year: 2007

.....extended by a maximum period of one year in individual cases by the Appointing authority if he considers it necessary to do so. (2) (a) After satisfactory completion of the trial period employees will be continued in the temporary posts. (b) Employees recruited against permanent vacancies will be confirmed therein after satisfactory completion of probation, provided that the employees have passed the prescribed Hindi Examination. (3) (a) Except as otherwise provided in this sub-regulation, every employee of the Commission (other than an honorary worker or a Government Servant) shall retire on the day he attains the age of sixty years. (b) Notwithstanding anything contained in clause (a), the Commission shall, if it is of the opinion that it is in public interest to do so, have the absolute rights to retire any employee by giving him notice of not less than three months in writing or three months pay and allowances in lieu of such notice; (i) if he is Group A of Group - B service or post and had entered the services of the Commission before attaining the age of thirty five years after he has attained the age of fifty years; (ii) in all other cases after he has attained the age.....

Warehousing (Development and Regulation) Act, 2007 Complete Act

State: Central

Year: 2007

.....for any loss, destruction, damage or deterioration of the goods delivered to him for storage attributable to circumstances such as force majeure, act of war, act of public enemies and the like. Section 7 Duties of warehousemen (1) In the absence of a lawful excuse, a warehouseman shall deliver the goods referred to in a negotiable receipt, to the holder of the receipt on demand made by the holder and on the holder fulfilling all the following conditions, namely:- (a) satisfying the warehouse lien; (b) surrendering the receipt in case of non-negotiable receipt and surrendering the receipt with endorsements in case of negotiable receipt; and (c) acknowledging in writing the receipt of the goods.- (2) If a warehouseman refuses or fails to deliver the goods in compliance with the provisions of this section, the burden of proof shall lie on the warehouseman to establish the existence of a lawful excuse for the refusal or failure. Section 8 Duties of warehouseman to keep records and account of warehouse business (1) Every warehouseman shall keep in a place of safety a complete and accurate set of records and accounts of all transactions pertaining to the operation of a.....