Tag: PSS Act 2007

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The Payment and Settlement Systems Act, 2007

Source: DD NewsSubject: Government Bill and Act Context: The Central Government clarified that everyday Person-to-Person (P2P) and general merchant UPI transactions will remain completely free for citizens. The statement follows public concerns over proposed amendments to Section 10A of the Payment and Settlement Systems Act (PSS Act), 2007, via the Taxation and Other Laws (Amendment) …

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Payment and Settlement Systems Act, 2007

Source:  ET Context: The Reserve Bank of India (RBI) has tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act, 2007 (PSS Act). About Payment and Settlement Systems Act, 2007 (PSS Act): What is the PSS Act? The Payment and Settlement Systems Act, 2007 (PSS Act) is a legislation that regulates and supervises payment systems in India. It designates the Reserve …

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