Section 1 of The Payment and Settlement Systems Act, 2007
- (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 date1 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.
Summary
- This law is officially called the Payment and Settlement Systems Act, 2007.
- The rules in this law apply to the entire country of India.
- The law does not start all at once, instead, the Central Government chooses the date it begins by publishing a notice in the Official Gazette (the government's public journal).
- The government has the power to pick different starting dates for different parts of this law.
Practical examples
FAQ
1. Does this law apply to Jammu and Kashmir?
Yes, the text states it extends to the whole of India without any exceptions for specific states.
2. Who decides when these rules actually start being enforced?
The Central Government decides the timing by notifying the public through the Official Gazette.
3. Can one section of the law be active while another is not?
Yes, the government can appoint different dates for different provisions of the Act to come into force.
Test yourself
Q1.Under Section 1 of The Payment and Settlement Systems Act, 2007, which authority is responsible for appointing the date the law comes into force?
Q2.What is the geographical extent of The Payment and Settlement Systems Act, 2007, according to Section 1?
Q3.According to Section 1 of The Payment and Settlement Systems Act, 2007, how is the public informed about the start date of the law?
Q4.If the Central Government wants to start the rules about penalties later than the rules about definitions, is this allowed under Section 1 of The Payment and Settlement Systems Act, 2007?