Are there any penalties or punitive action laid down under the PSS Act,2007?
Ans. Under the PSS Act, 2007, operating a payment system without authorization, failure to comply with the terms of authorization, failure to produce statements, returns information or documents or providing false statement or information, disclosing prohibited information, non-compliance of directions of Reserve Bank violations of any of the provisions of the Act , Regulations, order, directions etc., are offences punishable for which Reserve Bank can initiate criminal prosecution. Reserve Bank is also empowered to impose fine for certain contraventions under the Act. (Sections 26 and 30 of the PSS Act, 2007). PDRTJS_settings_290898_post_520 = { “id” : “290898”, “unique_id” : “wp-post-520”, “title” : “FREQUENTLY+ASKED+QUESTIONS+ON+THE+PAYMENT+AND+SETTLEMENT+SYSTEMS+ACT+2007-RBI”, “item_id” : “_post_520”, “permalink” : “http%3A%2F%2Faccountscadrecsir.wordpress.
