Section 34A
Act to apply to designated trade repository and issuer.
The Payment and Settlement Systems Act, 2007
About this 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.
1[34A. Act to apply to designated trade repository and issuer.--(1) The provisions of this Act
shall apply to, or in relation to, a designated trade repository or issuer, as they apply to, or in relation to,
payment systems to the extent applicable, subject to the modification that, throughout this Act, unless the
context otherwise requires,--
(a) references to a "payment system" or "system provider" shall be construed as references to a "designated trade repository" or "issuer", as the case may be;
(b) references to "commencement of this Act" shall be construed with reference to--
(i) a designated trade repository, as references to the date on which a trade repository is specified by the Reserve Bank as a designated trade repository; and
(ii) an issuer, as references to commencement of the Payment and Settlement Systems (Amendment) Act, 2015 (18 of 2015).
(2) The Reserve Bank may, on an application by a designated trade repository or otherwise, permit or direct the designated trade repository to provide such other services as are deemed necessary from time to time.
Explanation.--For the purposes of this section, the expression "designated trade repository" shall mean a trade repository or a class of trade repositories, as may be specified by the Reserve Bank from time to time.]
(a) references to a "payment system" or "system provider" shall be construed as references to a "designated trade repository" or "issuer", as the case may be;
(b) references to "commencement of this Act" shall be construed with reference to--
(i) a designated trade repository, as references to the date on which a trade repository is specified by the Reserve Bank as a designated trade repository; and
(ii) an issuer, as references to commencement of the Payment and Settlement Systems (Amendment) Act, 2015 (18 of 2015).
(2) The Reserve Bank may, on an application by a designated trade repository or otherwise, permit or direct the designated trade repository to provide such other services as are deemed necessary from time to time.
Explanation.--For the purposes of this section, the expression "designated trade repository" shall mean a trade repository or a class of trade repositories, as may be specified by the Reserve Bank from time to time.]
Notes
1. Ins. by Act 18 of 2015, s. 5 (w.e.f. 1-6-2015).