The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.
Simplified Explanation
Section 32 of the Payment and Settlement Systems Act, 2007 ensures that the provisions of this Act will prevail over any inconsistent provisions found in other laws that are in force at the time.
Key Provision:
- Overriding Effect: The Payment and Settlement Systems Act takes precedence over other laws, meaning that in case there is a conflict between this Act and any other existing laws, the provisions of the Payment and Settlement Systems Act will override them.
Practical Implications:
- Supremacy of the Act: This provision guarantees that the rules and regulations under this Act will apply without being hindered by conflicting laws. For example, if another law is inconsistent with the provisions related to payment systems, the Payment and Settlement Systems Act will be the governing law in matters related to payment systems.
- Clarity and Certainty: It provides clarity and certainty for businesses and stakeholders operating in the payment systems sector, ensuring that they adhere to a consistent and uniform regulatory framework under this Act, regardless of other potentially conflicting laws.
- Legal Precedence: This section also prevents confusion that could arise if different laws with contradictory provisions were applicable to payment systems, ensuring a smooth and consistent regulatory environment.
Conclusion:
Section 32 asserts the supremacy of the Payment and Settlement Systems Act over any other inconsistent laws, ensuring the smooth and effective regulation of payment systems in India without conflicts from other legal provisions.
