PSS ActCentral laws2007
The Payment and Settlement Systems Act, 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.
Act No. 51 of 2007 · Ministry of Finance
- Sections
- 40
- Chapters
- 8
- Classified offences
- 1
Contents
IPreliminary§ 1–22 sections
IIDesignated Authority§ 31 sections
IVRegulation and Supervision by the Reserve Bank§ 10–1910 sections
- 10Power to determine standards.
- 11Notice of change in the payment system.
- 12Power to call for returns, documents or other information.
- 13Access to information.
- 14Power to enter and inspect.
- 15Information, etc., to be confidential.
- 16Power to carry out audit and inspection.
- 17Power to issue directions.
- 18Power of Reserve Bank to give directions generally.
- 19Directions of Reserve Bank to be complied with.
VISettlement of Disputes§ 24–252 sections
VIIOffences and Penalties§ 26–316 sections
VIIIMiscellaneous§ 32–388 sections
- 32Act to have overriding effect.
- 33Mode of recovery of penalty.
- 34Act not to apply to stock exchanges or clearing corporations of stock exchanges.
- 34AAct to apply to designated trade repository and issuer.
- 35Certain persons deemed to be public servants.
- 36Protection of action taken in good faith.
- 37Power to remove difficulties.
- 38Power of Reserve Bank to make regulations.