Section 34A in The Payment and Settlement Systems Act, 2007

Title: Act to apply to designated trade repository and issuer

Description: 1[34A. Act to apply to designated trade repository and issuer.--(1) The provisions of this Act shall apply to, or in relation to, a designated trade repository or issuer, as they apply to, or in relation to, payment systems to the extent applicable, subject to the modification that, throughout this Act, unless the context otherwise requires,-- (a) references to a "payment system" or "system provider" shall be construed as references to a "designated trade repository" or "issuer", as the case may be; (b) references to "commencement of this Act" shall be construed with reference to— (i) a designated trade repository, as references to the date on which a trade repository is specified by the Reserve Bank as a designated trade repository; and (ii) an issuer, as references to commencement of the Payment and Settlement Systems (Amendment) Act, 2015 (18 of 2015). (2) The Reserve Bank may, on an application by a designated trade repository or otherwise, permit or direct the designated trade repository to provide such other services as are deemed necessary from time to time. Explanation.--For the purposes of this section, the expression "designated trade repository" shall mean a trade repository or a class of trade repositories, as may be specified by the Reserve Bank from time to time.] 1. Ins. by Act 18 of 2015, s. 5 (w.e.f. 1-6-2015).

Title: Powers of Reserve Bank not to apply to International Financial Services Centre

Description: 1[34B. Powers of Reserve Bank not to apply to International Financial Services Centre.-- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.] 1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).

Title: Certain persons deemed to be public servants

Description: Every officer of the Reserve Bank who has been entrusted with any power under this Act, shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code (45 of 1860).

Title: Protection of action taken in good faith

Description: No suit or other legal proceedings shall lie against the Central Government, the Reserve Bank, or any officer thereof for any damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act, any regulations, order or direction made or given thereunder.

Title: Power to remove difficulties

Description: (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provision is not inconsistent with the provisions of this Act as appear to it to be necessary or expedient for removing the difficulty: Provided that no order shall be made under this section after the expiry of a period of two years from the commencement of this Act. (2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.