Judgment Search Results Home > Cases Phrase: payment and settlement systems act 2007 section 36 protection of action taken in good faith Page 1 of about 1,024 results (0.179 seconds)

Sodexo SVC India Private Limited Vs. The State of Maharashtra and Othe ...

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 ..... act ) and the bombay provincial municipal corporation (lbt) rules, 2010 (for short the lbt rules ). he urged 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 from the reserve bank of india. he submitted that under both the octroi ..... 10. as pointed out earlier, the petitioner has obtained an authorization under section 7 of the said act of 2007. the authorization is to operate a payment system for issue of meal and gift vouchers in the form of paper based vouchers. the petitioner has annexed the application form for the said vouchers. on the .....

Atul Sood Vs. Cholamandalam Investment and Finance Co. Ltd.

Court : Punjab and Haryana

..... appeal. 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. 10,000/-, in default thereof, to further undergo rigorous imprisonment .....

In Re: Gulraj Engineering

Court : Income Tax Appellate Tribunal ITAT IT

..... . besides, there will be double charging of interest if the interest is computed up to the date of the settlement commission's order. for example, in a case of default in the payment of tax on the basis of the settlement application, the assessee will not only pay the interest at the rate of 15 per cent, under section 245d( ..... be not to permit a revision of interest when the tax is modified on an order of settlement when sub-section (1) of section 140a read with clause (a) of explanation 1 to sub-section (1) of section 234b clearly provides for payment of interest at the time of furnishing the return on the shortfall in tax on the total ..... income declared therein. besides, sub-section (4) of section 234b clearly provides for the modification of the interest payable consequent upon the order of settlement and it will not be permissible to take the .....

Sodexo Svc India Pvt. Ltd. Vs. State of Maharashtra and Ors.

Court : Supreme Court of India

..... purpose and all related matters. 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 a stock exchange. the ..... the hands of the appellant. accordingly, the certificate issued to the appellant contains the following terms and conditions: the payment system provider shall adhere to the provisions of the payment and settlement systems act, 2007, regulations issued thereunder and the directions/guidelines issued by the reserve bank of india. the authorization is ..... out above, without the sanction/ authorisation of the rbi to operate such a payment system under the payment and settlement systems act, 2007, nobody can operate such a system, as the purpose of the said act is to regulate the payment and settlement thereof by means of 'paper based vouchers'. an insight into the policy .....

India Cements Investment Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2003)42SCL563SAT

..... more of negligent violation of regulations than any sinister involvement in the fraudulent transactions. the executive committee, however, felt that the trading members had put the settlement system at risk while accepting new business without taking proper precautions an due diligence." 43. regarding the issue of small investors who are genuinely trapped, nse ..... exchange regulations, failure to do so would attract the penalty of suspension as provided in regulation 26(1) of the regulations. on meeting the payment requirements under regulation 4.3.1 of the nse regulations, the penalty prescribed in the regulation for failure to obtain broker client agreement provided in ..... sale order was put and complaints were also filed with the concerned authorities including the police, and further that immediately on nse's demand for payment was received the same was met without any delay.learned counsel submitted that the respondent has not given any reason to suspend the certificate of registration .....

Swiss Ribbons Pvt. Ltd. Vs. Union of India

Court : Supreme Court of India

..... 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. the code seeks to achieve the above objectives. (emphasis in ..... permissibility of withdrawal post admission of a cirp application. it was observed by the committee that there have been instances where on account of settlement between the applicant creditor and the corporate debtor, judicial permission for withdrawal of cirp was granted [lokhandwala kataria construction pvt. ltd. v. ninus ..... a result of financial debts being repaid. approximately 3300 cases have been disposed of by the adjudicating authority based on out-of-court settlements between corporate debtors and creditors which themselves involved claims amounting to over inr120,390 crores. eighty cases have since been resolved by resolution .....

Ritu Jain vs.the State Through Standing Counsel & Anr

Court : Delhi

..... 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. it appears that in the said criminal complaint, the second respondent (the complainant) had, inter alia, mentioned the name of one manish kumar ..... said relative. the fact, however, remains that she is the proprietor of the business. in these circumstances, the provision contained in section 27 of the payment and settlement systems act, 2007 stands attracted. 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. no.555/2016 page 8 of 11 .....

Vivek Narayan Sharma Vs. Union Of India

Court : Supreme Court of India

..... assets. it is submitted 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 ..... price index. therefore, anything that may pose a threat to or have an impact on the financial system of the country, can be regulated or prohibited by rbi, despite the said activity not forming part of the credit system or payment system. the expression management of the currency appearing in section 3(1) need not necessarily be confined to ..... anything repugnant in the subject or context, xxxx [a(ii)]. the bank means the reserve bank of india constituted by this act; [a(iii)]. bank for international settlements mean the body corporate established with the said name under the law of switzerland in pursuance of an agreement dated the 20th january, 1930, signed at the hague;]. [a .....

Justice k.s.puttaswamy(retd) Vs. Union of India

Court : Supreme Court of India

..... 2 of 1934), to hold or accept deposit from public. 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. payment as ..... in many cases. another survey502 of 80 households conducted in hyderabad finds that despite the introduction of technology-intensive authentication and payment systems, a significant number of those vulnerable and dependent on public distribution system (pds) for food grains are failing to realise their right to food. the survey revealed that among 80 surveyed .....

Hip Bar pvt.ltd., Vs. State of Karnataka

Court : Karnataka

..... other services. it is contended that the reserve 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 ..... is the contention of the petitioner that the transaction effected by it is not sale of liquor. the petitioner is claiming to be a mobile wallet platform governed by the payment and settlement systems, engaged in the business of (1) facilitating for business of liquor through the hip bar (2) delivery of liquor from the store to the consumer as an agent, acting .....