Court : Delhi
..... the code seeks to provide for amendments in the indian partnership act, 1932, the central excise act, 1944, customs act, 1962, income-tax act, 1961, the recovery of debts due to banks and financial institutions act, 1993, the finance act, 1994, the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, the sick industrial companies (special provisions) repeal act, 2003, the payment and settlement systems act, 2007, the limited liability partnership act, 2008, and the companies act, 2013.5. ..... (b), after the second proviso, the following provisos shall be inserted, namely:-" provided also that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the sick industrial companies (special provisions) act, 1985 shall be deemed to be an approved resolution plan under sub-section (1) of section 31 of the insolvency and bankruptcy code, 2016 and the same shall be dealt with, in accordance with the provisions of part ii of the said code: provided also that in ..... information utilities would collect, collate, authenticate and disseminate such proceedings ..... the code also seeks to provide for establishment of the insolvency and bankruptcy board of for regulation of insolvency professionals, insolvency professional agencies and information utilities. ..... the code also proposes to establish a fund to be india (board) bankruptcy proceedings envisaged in facilitate financial information to w.p. .....
Tag this Judgment!Court : Mumbai
..... is that the petitioner company has obtained certificate of authorization from the reserve bank of india under section 7 of the payment and settlement systems act, 2007 (for short the said act of 2007 ) to operate a payment system for issue of meal and gift vouchers in the form of 'paper based vouchers' and 'smart meal cards' with effect from 25th june 2009. ..... that the said vouchers are payment instructions or payment instruments issued under a payment system operated under the said act of 2007 as per the authorization received ..... obtained an authorization under section 7 of the said act of 2007. ..... used up so that it ceases to exist within the municipal limits or it was to be used for an indefinite period within the municipal limits so that it ultimately rests within the municipal limits and does not go out subsequently, or the commodity concerned must be shown to have been brought within the municipal limits for the purpose of sale within the said limits. 14. ..... dealing with taxes on the entry of goods into a local area for consumption, use or sale therein, this court observed that the two expressions, "use" and "consumption" together connote the bringing in of goods and animals with a view to their retention either for use without using them up or for consumption in a manner which destroys, wastes or uses them up. ..... books or computer disks or cassettes which contain information technology or ideas would necessarily be regarded as goods under the aforesaid provisions of the customs act. .....
Tag this Judgment!Court : Punjab and Haryana
..... the grouse of the petitioner is that he was convicted by the learned judicial magistrate 1st class, jalandhar, for commission of an offence punishable under section 25 of the payment and settlement systems act, 2007, and was sentenced to undergo rigorous imprisonment for two years and to pay a fine of rs. ..... 608 of 2014, titled as atul sood versus cholamandalam investment and finance company limited, before deciding the main criminal appeal. ..... m-2673 of 2016 (o/m) for one year, vide judgment of conviction and order of sentence dated 12.11.2014 (annexure-p-2). ..... this petition has been filed under section 482 cr.p.c. ..... however, the learned additional sessions judge, jalandhar, has ordered the hearing of the application and main appeal on one date. ..... 10,000/-, in default thereof, to further undergo rigorous imprisonment sanjiv kumar sharma 2016.01.28 12:05 i attest to the accuracy and authenticity of this document crm no. .....
Tag this Judgment!Court : Supreme Court of India
..... under section 2(1)(i) of the payment and settlement systems act, 2007, a 'payment system' is defined as a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them but does not include ..... the nature of business operation of the appellant herein and the manner the same is statutorily regulated by the payments and settlement systems act, 2007 and the rules framed thereunder, we revert to the issue that has to be answered in the present case, namely, whether these sodexo meal vouchers are goods within the meaning of section 2(25) of the act. ..... of persons, articles or properties liable thereto and the exemptions therefrom, if any, to be granted; (b) the system of assessment and method of recovery and the powers exercisable by the commissioner or other officers in the collection of the tax; (c) the information required to be given of liability to the tax; (d) the penalties to which persons evading liability or furnishing incorrect or misleading information or failing to furnish information may be subjected; (e) such other matters, not inconsistent with the provisions of this act, as may be deemed expedient by the corporation ..... instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instrument which can be used to access the pre-paid amount (collectively called prepaid payment instruments hereafter). .....
Tag this Judgment!Court : Supreme Court of India
..... the code seeks to provide for amendments in the indian partnership act, 1932, the central excise act, 1944, customs act, 1962, the income tax act, 1961, the recovery of debts due to banks and financial institutions act, 1993, the finance act, 1994, the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, the sick industrial companies (special provisions) repeal act, 2003, the payment and settlement systems act, 2007, the limited liability partnership act, 2008, and the companies act, 2013.5. ..... since financial creditors have electronic records of the liabilities filed in the information utilities of section 4.3, incontrovertible event of default on any financial credit contract can be readily verifiable by accessing this system. ..... and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; 105 (b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15; (c) constitute a committee of creditors; (d) monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors; (e) file information collected with the information utility, if necessary; and (f) take control and .....
Tag this Judgment!Court : Delhi
..... since the proprietor of a business of such nature has to be assumed to be the person in charge of and responsible for the conduct of its business, she cannot escape the prosecution for the offence under section 25 of the payment and settlement systems act, 2007, it being a matter of logical inference that the instruments with instructions for crl. m.c. ..... pertinent to note here that by virtue of section 25 (5) of the payment and settlement systems act, 2007, the provisions of chapter xvii of the negotiable instruments act, 1881, apply to the dishonor of electronic funds transfer. ..... section 27 of payment and settlement systems act, 2007 is a provision similar to the one contained in section 141 of negotiable instruments act, 1881, on the subject of offences by companies, and reads thus:-" 27. ..... on the criminal complaint (cc no.1047/2015) of the second respondent, she and her said firm (shown in the array as second and first accused respectively) were summoned by the metropolitan magistrate by order dated 19.05.2015, on the accusations of offence punishable under section 25 read with section 27 of the payment and settlement systems act, 2007. ..... the beneficiary makes a demand for the payment of the said amount of money by giving a notice in writing to the person initiating the electronic funds transfer within thirty days of the receipt of information by him from the bank concerned regarding the dishonour of the electronic funds transfer; and d. .....
Tag this Judgment!Court : Supreme Court of India
..... . payment for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by reserve bank of india under section 18 of the payment and settlement systems act, 2007 (51 of 2007), to a banking company or a co-operative bank to which the banking regulation act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that act) or to any other company or institution ..... provided by them under clause (o) of sub-section (2) of section 23; (s) policies and practices to be followed by the registrar, enrolling agencies and other service providers under clause (r) of sub-section (2) of section 23; 87 part d (t) the manner of accessing the identity information by the aadhaar number holder under the proviso to sub-section (5) of section 28; (u) the manner of sharing the identity information, other than core biometric information, collected or created under this act under sub-section (2) of section 29; (v) the manner of alteration of demographic information under sub-section (1) and biometric information under sub-section (2) of section 31; (w) the manner of and the time for .....
Tag this Judgment!Court : Karnataka
..... bank of india (rbi) has issued a certificate of authorization to the petitioner for operation of semi- closed prepaid payment instruments (mobile wallet) under the payment and settlement systems act, 2007 (pss act for short), which is valid till 30th september, 2021; licence under the food & safety standards act, 2006 (fss act for short) is said to have been granted to carry on food business. ..... section 2 (1) of the pss act, the consumer and merchant are system participants persons participating in a payment system ..... behalf of the petitioner that the first part of the petitioners business is regulated by the rbi under the pss act and the rbi has issued the authorization to provide a payment system in respect of liquor in terms of sections 6 and 7 of the pss act cannot be a ground to escape from the restrictions / regulations to which the liquor trade is subjected to, by ..... great deal of controversy was raised before us as to whether the statues framed by the university under section 20 of the university of bihar act have or have not the force of law and whether a writ under article 226 of the constitution has a legal right to the performance of a ..... has made a conscious difference between acquisition of coffee by compulsory delivery by the growers under section 25(1) of the act and purchase of coffee by the board under section 26(2) and, as such, compulsory delivery of coffee under section 25(1) cannot constitute a sale transaction as known to law between the growers and the coffee board. .....
Tag this Judgment!Court : Delhi
..... on the criminal complaint (no.2265/2017) of the second respondent (the complainant), the petitioner has been summoned as accused, by order dated 25.07.2018 of the metropolitan magistrate, to answer the accusations of offence under section 25 of the payment and settlement systems act, 2007. ..... petition at hand invoking the inherent powers of this court under section 482 of the code of criminal procedure, 1973 (cr.p.c) to assail the summoning order primarily on the grounds that he has been wrongly shown in the complaint as director of the company he having resigned way back; the electronic clearing system was not initiated by him or with his consent; and that the responsibility for the payment was of the company accused or of mr. vivek kumar sharma also ..... no.4667/2018 page 1 of 2 petitioner, as also one another (vivek kumar sharma), but no payment was made in response thereto.2. ..... . therefore, no case is made out for this court to intervene at this stage of the process under section 482 cr.p.c ..... . the pleas of denial and resignation will have to be tested on the basis of evidence ..... . the petition and the applications filed therewith are dismissed.5 ..... it is the allegation of the complainant that notice of demand was issued on 02.01.2017 through speed post to the said company, and to the crl. m.c. ..... . the questions of fact will have to be addressed in the inquiry or trial before the trial court [rajiv thapar and ors. vs .....
Tag this Judgment!Court : Supreme Court of India
..... that, though this court held that, in view of the provisions contained in the rbi act, the banking regulation act, 1949 and the payment and settlement systems act, 2007, and also in view of the special place and role that the rbi has in the economy of the country, 50 the rbi had very wide and ample powers to take preventive and curable measures. ..... the bank is also entrusted with the role of advising the government and other banks on financial and banking matters, and for this purpose, the bank keeps itself informed of the activities and monetary position of scheduled and other banks and inspects the books and accounts of scheduled banks and advises the government after inspection of the said books and accounts as to whether a particular bank should be included in the second ..... whether the i) the power available i) the central power available to the to the central government government possesses central government under sub section (2) of the power to initiate under sub section (2) of section 26 of the rbi act and carry out the section 26 of the rbi cannot be restricted to process of act can be restricted to mean that it can be demonetisation of all mean that it can be exercised only for one or 5 question, as reframed his lordship s views my views by ..... that in the said case, this court was considering the action of the rbi in restricting the banks and financial institutions regulated by it from providing access to banking services to those engaged in transactions in crypto assets. .....
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