Settlement and Netting under the PSS Act, 2007
The Payment and Settlement Systems (PSS) Act, 2007 is India’s primary legislation governing payment systems. It designates the Reserve Bank of India (RBI) as the central authority for authorizing, regulating, and supervising these systems. One of the critical areas covered under this Act is settlement and netting, specifically laid down in Section 23, which provides…
Read article Regulation and Supervision by the RBI under PSS Act
Under the Payment and Settlement Systems Act, 2007, the Reserve Bank of India (RBI) is empowered with comprehensive regulation and supervision responsibilities over payment systems in India. Key points of RBI’s regulation and supervision include: Together, these powers and supervisory mechanisms enable RBI to maintain a safe, secure, efficient, and authorized payment ecosystem in India…
Read article 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…
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…
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