Clause 194 - Amendment of Act 51 of 2007. - Finance (No. 2) Bill, 2019

PART XV AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 Amendment of Act 51 of 2007. 194. In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely: Bank, etc., not to impose charge for using electronic modes of payment. 10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose any charge upon anyone, either directly or indirectly, for using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961. . (43 of 1961.) Note: While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made: Amendment made: Page 54, lines 35 and 36, for shall impose any charge upon anyone, either directly or indirectly, for , substitute shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by . (29) Thus, the amended provision will be: 194. In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely: Bank, etc., not to impose charge for using electronic modes of payment. 10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961. . (43 of 1961.)