Law Relating to Electronic Transfer of Money

Description

The Payment and Settlement Systems Act 2007 regulates and oversees the various payments and settlement systems in India. In an era of online transactions, this new law is likely to become a hotbed of litigation in the near future. Law Relating to Electronic Transfer of Money is a commentary on the Payment and Settlement Act 2007. It is a handy and comprehensive reference on all related Acts, Regulations, Notifications, Circulars and Guidelines. The Act makes the dishonour of online transactions punishable in the same manner as the dishonour of cheques under s. 138 of the Negotiable Instruments Act, 1881. This book sets out the practice and procedure for filing criminal complaints relating to dishonour of electronic fund transfers and includes model forms of notices and complaints. The book also explains all legal aspects of the following topics:

? Electronic fund transfers,
? Online payments,
? Credit cards/debit cards/payment gateways,
? ATMS/mobile payments,
? Cheque truncation,
? Speed clearing,
? NEFT/RTGS,
? Electronic Clearing Services


Table of Contents

PART I

PAYMENT AND SETTLEMENT SYSTEMS ACT 2007

This part contains an exhaustive commentary on ?The Payment and Settlement Systems Act 2007? along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and Payment and Settlement Systems Regulations, 2008.

PART II

NOTIFICATIONS AND CIRCULARS ISSUED UNDER THE PAYMENT AND SETTLEMENT SYSTEMS ACT 2007

This part contains all the relevant circulars and notifications issued by The Reserve Bank of India under the Payment and Settlement Systems Act, 2007.

PART III

RBI?S OPERATIVE/PROCEDURAL GUIDELINES ON PAYMENT SYSTEMS

This part contains the Operative/Procedural Guidelines and Instructions issued by the Reserve Bank of India (set out in the Schedule of Payment and Settlement Systems Regulations, 2008) which were made applicable under s 10(1) of the Payment and Settlement Systems Act, 2007. Under Regulation 5 of the Payment and Settlement Systems Regulations, 2008, every system provider, with respect to the format of payment instructions and other matters specified in clauses (a) to (f ) of sub-s (1) of s 10 of the PSS Act, shall be governed by the Regulations, Guidelines and Instructions, set out in the Schedule, as modified from time to time. The following Regulations, Guidelines and Instructions are covered in Part III:

1. Uniform Regulations and Rules for Banker?s Clearing Houses;
2. Procedural Guidelines on Mechanized Cheque Processing Using MICR Technology;
3. Procedural Guidelines on Electronic Clearing Service (Debit Clearing);
4. Procedural Guidelines on Electronic Clearing Service (Credit Clearing);
5. Procedural Guidelines on National Electronic Funds Transfer System;
6. Operations Manual for Bank?s Service Centre?National Electronic Funds Transfer System;
7. RTGS (Membership) Business Operating Guidelines, 2004;
8. RTGS (Membership) Regulations, 2004;
9. Procedural Guidelines for Cheque Truncation System (CTC);
10. Bye-laws, Rules and Regulations of Credit Clearing Corporation of India;
11. Such other instructions, as may be specified by the Bank from time to time.

PART IV

DEVELOPMENT OF PAYMENT AND SETTLEMENT SYSTEMS IN INDIA?RBI REPORTS

This part contains the RBI reports relating to the Payment Systems in India.

APPENDICES

1. THE RESERVE BANK OF INDIA ACT 1934
2. THE NEGOTIABLE INSTRUMENTS ACT 1881

IMPORTANT APPENDICES

Notifications and circulars issued under the Payment and Settlement systems Act 2007, including:

?Cash Withdrawal at Points of Sale (POS) ? UCBs
?Policy Guidelines for Issuance and Operation of Prepaid payment Instruments in India
?Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
?ATMs of Banks ? Fair pricing and Enhanced access
?Mobile Banking Transactions in India ? Operative Guidelines for Banks

RBIs Operative/Procedural Guidelines on Payment Systems, including:

?Policy Guidelines for Issuance and Operation of Pre-Paid Payment Instruments in India
?Mobile Payment in India ? Operative Guidelines 2008
?Electronic Clearing Service (Debit & Credit Clearing) ? Procedural Guidelines
?Electronic funds Transfer System ? Procedural Guidelines

Reports on the development of Payment and Settlement Systems in India including:

?RBI Report on the review of Payment and Settlement Systems in India 2006-2007
?RBI Report on Payment and Settlement Systems and Information Technology (2009-2010)



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