PAYMENT AND SETTLEMENT SYSTEMS ACT 2007
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary objective of the Payment and Settlement Systems Act, 2007?
The Act provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India as the authority for this purpose.
Under the PSS Act 2007, who has the authority to authorise payment systems?
Reserve Bank of India has the authority to authorise.
Which authority is empowered to regulate and supervise payment systems under the PSS Act, 2007?
The Reserve Bank of India (RBI) is empowered to regulate and supervise all payment systems in India under the PSS Act, 2007.
What year was the Payment and Settlement Systems Act enacted in India?
The PSS Act was enacted in 2007.
What is a 'payment system' as defined under the PSS Act, 2007?
A payment system is 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 does the term 'gross settlement' mean under the PSS Act, 2007?
Settlement of each transaction individually without netting.
Is it mandatory to obtain authorisation from RBI before operating a payment system in India?
Yes, no person can commence or operate a payment system in India without obtaining authorisation from the Reserve Bank of India under the PSS Act, 2007.
Which section of the PSS Act, 2007 deals with the application for authorisation?
Section 5 deals with application for authorisation.
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