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Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Part IX AMENDMENTS TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 This
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Clause 147 - Commencement of this Part. - FINANCE BILL, 2017

FINANCE BILL, 2017
Part IX
AMENDMENTS TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
  • Contents

PART IX

AMENDMENTS TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

Commencement of this Part.

147. The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint, and different dates may be appointed for different provisions of this Part.

 



 

Notes on Clauses:

Clauses 147 to 149 of the Bill seek to amend certain provisions of the Payment and Settlement Systems Act, 2007 (hereinafter referred to as the said Act) which provides for the regulation and supervision of payment systems in India.

The existing provisions of Chapter II of the said Act relates to Designated Authority and its Committee. It is proposed to substitute the said Chapter so as to provide that instead of the existing Board for Regulation and Supervision of Payments and Settlement, the Payments Regulatory Board will exercise the functions relating to the regulation and supervision of payments and settlement systems under the Act. The proposed new Board shall consist of the Governor, Reserve Bank as Chairperson, Deputy Governor Reserve Bank who is in-charge of Payment and Settlement Systems as Member, one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank as Member of the Board and three persons to be nominated by the Central Government as Members. It is also proposed to empower the said Board to devise the procedures to be followed in the meetings, venue of the meetings and other matters, incidental thereto by regulations.

It is also proposed to make consequential amendments in section 38 of the Act, so as to give reference of the Board in that section and reference of sub-section (1).

These amendments shall come into force on such date as the Central Government may, by notification, in the Official Gazette, appoint.

 
 
 
 
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