{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"152","heading":"Amendment of Act 51 of 2007","text":"Amendment of Act 51 of 2007 152.  In the Payment and Settlement Systems Act, 2007 (51 of 2007) (hereafter in this Part referred to as the principal Act), for Chapter II, the following Chapter shall be substituted, namely:— 'CHAPTER II DESIGNATED AUTHORITY 3. Designed authority — (1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act. (2) The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this Act through a Board to be known as the \"Payments Regulatory Board\". (3) The Board shall consist of the following members, namely:— (a) | the Governor of the Reserve Bank—Chairperson, ex officio; (b) | the Deputy Governor of the Reserve Bank is in-charge of the Payment and Settlement Systems—Member, ex officio; (c) | one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank—Member, ex officio; and (d) | three persons to be nominated by the Central Government—Members. (4) The powers and functions of the Board referred to in sub-section (2), the time and venue of its meetings, the procedures to be followed in such meetings (including the quorum at such meetings) and other matters incidental thereto shall be such as may be prescribed.'.","html":"<p><b>Amendment of Act 51 of 2007</b></p><p><b>152. </b> In the Payment and Settlement Systems Act, 2007 (51 of 2007) (hereafter in this Part referred to as the principal Act), for Chapter II, the following Chapter shall be substituted, namely:—</p><p>'CHAPTER II</p><p>DESIGNATED AUTHORITY</p><p>3. <i>Designed authority</i> — (<i>1</i>) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act.</p><p><span class=\"num\">(2)</span> The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this Act through a Board to be known as the \"Payments Regulatory Board\".</p><p><span class=\"num\">(3)</span> The Board shall consist of the following members, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the Governor of the Reserve Bank—Chairperson, <i>ex officio</i>;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the Deputy Governor of the Reserve Bank is in-charge of the Payment and Settlement Systems—Member, <i>ex officio</i>;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank—Member, <i>ex officio</i>; and</td></tr><tr><td>(<i>d</i>)</td><td></td><td>three persons to be nominated by the Central Government—Members.</td></tr></table></div><p>(<i>4</i>) The powers and functions of the Board referred to in sub-section (<i>2</i>), the time and venue of its meetings, the procedures to be followed in such meetings (including the quorum at such meetings) and other matters incidental thereto shall be such as may be prescribed.'.</p>","words":216,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/152/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}