Payment and Settlement System Act 2007
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One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the primary objective of the Payment and Settlement Systems Act, 2007?
The PSS Act, 2007 aims 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.
In which year was the Payment and Settlement Systems Act enacted in India?
The PSS Act was enacted in 2007.
Which authority is empowered to regulate and supervise payment systems under the PSS Act, 2007?
The Reserve Bank of India (RBI) is the designated authority empowered to regulate and supervise payment systems in India under the PSS Act, 2007.
Under which Ministry does the PSS Act, 2007 fall for legislative oversight?
It falls under the Ministry of Finance, Government of India.
What is a 'payment system' as defined under the PSS Act, 2007?
A payment system means 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.
What is the full form of BPSS in the context of payment systems?
Board for Regulation and Supervision of Payment and Settlement Systems.
What is the meaning of 'settlement' under the PSS Act, 2007?
Settlement means the discharge of payment obligations between the participants of a payment system, and includes settlement of securities and foreign exchange transactions.
Which section of PSS Act, 2007 deals with authorisation of payment systems?
Section 4 deals with authorisation of payment systems.
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