Designated Authority & Authorization under the Payment and Settlement Systems Act, 2007
The ‘Payment and Settlement Systems Act, 2007 (PSS Act)’ lays down the legal foundation for regulating and supervising payment systems in India. Two of its most crucial provisions relate to the Designated Authority and Authorization, which define who governs payment systems and how entities are permitted to operate. Designated Authority * Reserve Bank of India…
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GST 2.0: India’s Bold Move to a Two-Slab System — What It Means for You
The Goods and Services Tax (GST) Council has rolled out one of the biggest tax reforms since GST’s launch. On September 3, 2025, the Council announced a simplified two-rate GST structure to replace the existing four slabs. Starting September 22, 2025, GST will primarily operate on just two slabs — 5% and 18%, with a…
Read article Payment & Settlement Systems Act, 2007 – The Backbone of India’s Digital Economy”
In today’s hyper-digital age, where money moves at the click of a button, we rarely pause to think about what keeps these systems running securely and efficiently. Imagine if your UPI transfer hung in limbo, or if there was no clear legal framework defining who’s responsible for settlement issues. That’s where the Payment and Settlement…
Read article FEMA Provisions on Assets Held Outside India
Under the Foreign Exchange Management Act (FEMA), 1999, special provisions apply to assets held abroad by persons resident in India. These rules regulate ownership, transfer, and investment in foreign assets, ensuring legal compliance and preventing unauthorized holdings. Key Provisions 1. Section 4 of FEMA * Prohibits residents from acquiring, holding, owning, possessing, or transferring any…
Read article Directorate of Enforcement (ED) under FEMA
The Directorate of Enforcement (ED) is the central agency responsible for investigating and enforcing violations of the Foreign Exchange Management Act (FEMA), 1999 in India. Functioning under the **Ministry of Finance**, it plays a crucial role in safeguarding the integrity of the foreign exchange market and ensuring compliance with India’s foreign exchange laws. Key Roles…
Understanding Contravention, Penalties, Adjudication and Appeals mechanism under FEMA
Under FEMA, contraventions, penalties, adjudication, and appeals are handled through a structured legal process to ensure fairness and regulatory compliance in foreign exchange dealings. Contravention Under FEMA A contravention occurs when any person, company, or entity violates the provisions, rules, regulations, or directions issued under FEMA, or acts against the conditions attached to any authorization…
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