|
After Technology Act has paved the path for digital signatures and digital contracts, Reserve Bank of India with the National Payment Council, is finalising the draft of the Payment Systems Regulations Act.
The proposed Act will bring in all electronic fund transfers/ entire e-commerce payments system in the country -- be it money orders or settlements at payment gateways, stock and commodity exchanges or clearing houses -- under the jurisdiction of the RBI. Even the payment gateways and commodity exchanges will come under the RBI jurisdiction. The money order system run by the department of postin alliance with Western Union Financial Services Inc will also come under the RBI purview.
Payment systems legislation may include three Acts -- Payment System Regulation Act, Payment System Netting Act and Electronic Fund Transfer Act. Together, these Acts will cover all electronic fund transfers including inter-bank payments, pay orders, remittances and transactions done through ATMs, credit and debit cards besides money orders and other settlements in clearing houses and stock exchanges.
|
