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Section152
The Finance Act, 2017

Amendment of Act 51 of 2007

In force As on 07 Oct 2026

Ministry Finance Enacted 17 Apr 2017

Section 152 of the Finance Act, 2017 deals with amendment of Act 51 of 2007. 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. The Act was enacted on 17 Apr 2017.

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.'.

Section 152, The Finance Act, 2017.

Questions about Section 152

What does Section 152 of the Finance Act deal with?

Section 152 of the Finance Act is headed "Amendment of Act 51 of 2007". 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.

How do I find court cases under Section 152 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2017 152, section 152 Finance Act 2017, section 152 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

When was Section 152 of the Finance Act enacted?

Section 152 of the Finance Act, cited as Finance Act 2017 152, was enacted on 17 Apr 2017. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.