Payment and Settlement Systems Act
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.
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Payment and Settlement Systems Act: Section 38 – Power of Reserve Bank to make regulations
(1) The Reserve Bank may, by notification, make regulations consistent with this Act to carry out the provisions of this…
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Payment and Settlement Systems Act: Section 37 – Power to remove difficulties
(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order…
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Payment and Settlement Systems Act: Section 36 – Protection of action taken in good faith
No suit or other legal proceedings shall lie against the Central Government, the Reserve Bank, or any officer thereof for…
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Payment and Settlement Systems Act: Section 35 – Certain persons deemed to be public servants
Every officer of the Reserve Bank who has been entrusted with any power under this Act, shall be deemed to…
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Payment and Settlement Systems Act: Section 34A – Act to apply to designated trade repository and issuer
(1) The provisions of this Act shall apply to, or in relation to, a designated trade repository or issuer, as…
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Payment and Settlement Systems Act: Section 34 – Act not to apply to stock exchanges or clearing corporations of stock exchanges
Nothing contained in this Act shall apply to stock exchanges or the clearing corporations of the stock exchanges. Simplified Explanation…
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Payment and Settlement Systems Act: Section 33 – Mode of recovery of penalty
(1) The penalty imposed on the defaulter by the Reserve Bank under section 30 may be recovered by issuing a…
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Payment and Settlement Systems Act: Section 32 – Act to have overriding effect
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time…
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Payment and Settlement Systems Act: Section 31 – Power to compound offences
1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), any offence punishable under this Act…
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Payment and Settlement Systems Act: Section 30 – Power of Reserve Bank to impose fines
(1) Notwithstanding anything contained in section 26, if a contravention or default of the nature referred to in sub-section (2)…
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