PART XV
AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
Amendment of Act 51 of 2007.
194. In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely:––
Bank, etc., not to impose charge for using electronic modes of payment.
“10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose any charge upon anyone, either directly or indirectly, for using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961.”. (43 of 1961.)
Note:
While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made:
Amendment made:
Page 54, lines 35 and 36, for “shall impose any charge upon anyone, either directly or indirectly, for”, substitute “shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by”. (29)
Thus, the amended provision will be:
194. In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely:––
Bank, etc., not to impose charge for using electronic modes of payment.
“10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961.”. (43 of 1961.)
Notes on Clauses:
Clause 194 of the Bill seeks to amend the Payment and Settlement Systems Act, 2007 by insertion of a new section 10A relating to banks, etc. not to impose charge for using electronic modes of payment.
The proposed new section provides that notwithstanding anything contained in the said Act, no bank or system provider shall impose any charge, upon anyone, either directly or indirectly for using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961.
This amendment will take effect from 1st November, 2019.
