Section 19 of The Payment and Settlement Systems Act, 2007
Every person to whom a direction has been issued by the Reserve Bank under this Act shall comply with such direction without any delay and a report of compliance shall be furnished to the Reserve Bank within the time allowed by it.
Summary
- Anyone who receives a direction from the Reserve Bank under this Act must follow it.
- Compliance with the direction must happen without any delay.
- After following the direction, the person must send a report to the Reserve Bank.
- This report must be provided within the time limit set by the Reserve Bank.
Practical examples
FAQ
1. Is there any excuse for delaying compliance with an RBI direction?
No, the Act states that every person must comply with such directions without any delay.
2. Do I need to tell the Reserve Bank once I have followed their direction?
Yes, you are required to furnish a report of compliance to the Reserve Bank.
3. How much time do I have to send the compliance report?
You must send it within the time allowed by the Reserve Bank.
Test yourself
Q1.According to Section 19 of The Payment and Settlement Systems Act, 2007, how quickly must a person comply with a direction from the Reserve Bank?
Q2.Under Section 19 of The Payment and Settlement Systems Act, 2007, what must a person do after they have complied with a direction?
Q3.Who sets the deadline for the compliance report required by Section 19 of The Payment and Settlement Systems Act, 2007?
Q4.To whom does Section 19 of The Payment and Settlement Systems Act, 2007 apply?