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Sec 1, Payment & Settlement Systems Act 2007: Short Title, Extent & Commencement

The Payment and Settlement Systems Act 2007 (Act No. 51 of 2007),

Chapter I (Preliminary),

Section 1 (Short title, extent and commencement) :—

(1) This Act may be called the Payment and Settlement Systems Act, 2007.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act, and any reference to the commencement in any such provision of this Act shall be construed as a reference to the commencement of that provision.

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Notes:

(1) Preamble of the Act: An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.

(2) The Payment and Settlement Systems Act, 2007 received the assent of the President on 20th December, 2007 and was published in the Gazette of India on 20th December, 2007.

(3) The Payment and Settlement Systems Act, 2007 came into force w.e.f. 12th August, 2008, vide gazette notification number S.O. 2032(E), dated 12th August, 2008.

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