Section 38 in The Payment and Settlement Systems Act, 2007

Title: Power of Reserve Bank to make regulations

Description: (1) The Reserve Bank may, by notification, make regulations consistent with this Act to carry out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:-- (a) the powers and functions of the 1[Board referred to in sub-section (2)], the time and venue of its meetings and the procedure to be followed by it at its meetings (including the quorum at such meetings) under sub-section (4) of section 3; (b) the form and manner in which an application for authorisation for commencing or carrying on a payment system shall be made and the fees which shall accompany such application under subsection (2) of section 5; (c) the form in which an authorisation to operate a payment system under this Act shall be issued under sub-section (2) of section 7; (d) the format of payment instructions and other matters relating to determination of standards to be complied with by the payment systems under sub-section (1) of section 10; (e) the intervals, at which and the form and manner in which the information or returns required by the Reserve Bank shall be furnished under section 12; (f) such other matters as are required to be, or may be, prescribed. (2) Any regulation made under this section shall have effect from such earlier or later date (nor earlier than the date of commencement of this Act) as may be specified in the regulation. (3) Every regulation shall, as soon as may be after it is made by the Reserve Bank, be forwarded to the Central Government and that Central Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall, thereafter, have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation. 1. Subs. by the Finance Act 2017, s. 153, for "Committee constituted under sub-section (2)"

Title: Short title, extent and commencement

Description: (1) This Act may be called the Warehousing (Development and Regulation) Act, 2007. (2) It extends to the whole of India except the State of Jammu and Kashmir*. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint. 1 . 25th October, 2010, vide notification No. S.O. 2613(E), dated 21st October, 2010, see Gazette of India, Extraordinary, Part II, sec. 3(ii). *. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh

Title: Definitions

Description: In this Act, unless the context otherwise requires,-- (a) "accreditation agency" means an agency, whatever be its constitution, registered with the Authority under section 5; (b) "actionable claim" shall have the meaning assigned to it in section 3 of the Transfer of Property Act, 1882 (4 of 1882); (c) "Authority" means the Warehousing Development and Regulatory Authority established under sub-section (1) of section 24; (d) "depositor" means a person who delivers goods to the warehouseman for storage; (e) "endorsee" means the person to whom the warehouse receipt is negotiated; (f) "endorsement" means signing on the warehouse receipt by the depositor or holder of the warehouse receipt for the purpose of its negotiation; (g) "electronic form", with reference to information, means any information generated, sent, received or stored in media, magnetic, optical, computer memory, microfilm, computer generated micro fiche or similar device; (h) "fungible goods" means any goods of which any unit is, by nature or usage of trade, the equivalent of any other like unit and are received by a warehouseman as fungible goods; (i) "goods" means all tangible movable goods (other than actionable claims, money and securities), whether fungible or not; (j) "grade" means the quality standard of any goods as notified as grade designation by the Central Government under the Agricultural Produce (Grading and Marking) Act, 1937 (1 of 1937) or any other law for the time being in force; (k) "holder" means,-- (i) in relation to a negotiable warehouse receipt, a person who is in possession of such receipt and a right to goods endorsed on it; and (ii) in relation to a non-negotiable warehouse receipt, a person named in it as the person to whom the goods are to be delivered or the assignee of that person; (l) "member" means a member of the Authority and includes its Chairperson; (m) "negotiable warehouse receipt" means a warehouse receipt under which the goods represented therein are deliverable to the depositor or order, the endorsement of which has the effect of transfer of goods represented thereby and the endorsee for which takes a good title; (n) "non-negotiable warehouse receipt" means a warehouse receipt other than a negotiable warehouse receipt; (o) "notification" means a notification published in the Official Gazette; (p) "person" includes a firm, co-operative society or any association or body of persons, whether incorporated or not; (q) "prescribed" means prescribed by rules made under this Act; (r) "regulation" means a regulation made under this Act; (s) "warehouse" means any premises (including any protected place) conforming to all the requirements including manpower specified by the Authority by regulations wherein the warehouseman takes custody of the goods deposited by the depositor and includes a place of storage of goods under controlled conditions of temperature and humidity; (t) "warehousing business" means the Business of maintaining warehouses in storage of goods and issuing negotiable warehouse receipts; (u) "warehouse receipt" means an acknowledgement in writing or in electronic form issued by a warehouseman or his duly authorised representative (including depository by whatever name called) of the receipt for storage of goods not owned by the warehouseman; (v) "warehouseman" means any person who is granted a certificate of registration in respect of any warehouse or warehouses by the Authority or an accreditation agency for carrying on the business of warehousing.

Title: Requirement of registration for warehouses issuing negotiable warehouse receipts

Description: (1) No person shall commence or carry on the warehousing business unless he has obtained a registration certificate in respect of the concerned warehouse or warehouses granted by the Authority under this Act: Provided that a person carrying on the warehousing business immediately before the commencement of this Act shall be allowed to carry on such business, in case he has made an application for registration within thirty days from the date of such commencement: Provided further that no such registration shall be required for warehouses which do not propose to issue negotiable warehouse receipt. Explanation.--For the removal of doubts, it is hereby clarified that a warehouse registered under this Act shall also be eligible to issue non-negotiable warehouse receipts. (2) Notwithstanding anything contained in sub-section (1), the Authority may, subject to such regulations and guidelines issued by it, authorise any person registered under section 5 as an accreditation agency to issue certificate of accreditation to any person for carrying on the business of warehousing issuing negotiable warehouse receipts.

Title: Registration of warehousemen

Description: (1) Any person desirous of commencing or carrying on the business of maintaining a warehouse issuing negotiable warehouse receipts may make an application to the Authority for registration in respect of one or more warehouses owned or occupied by him. (2) Every application for registration under sub-section (1) shall be in such form and manner and shall be accompanied by such fees as may be prescribed. (3) The Authority may, after such enquiry and subject to such terms and conditions as it thinks fit, grant a certificate of registration of the warehouse in the prescribed form and bearing a registration number to the applicant authorising him to carry on the business of maintaining a warehouse or warehouses and to issue negotiable warehouse receipts. (4) The Authority may not grant a certificate of registration under this section unless it is satisfied that the warehouse in respect of which the application has been made has adequate facilities and safeguards required to warehouse the goods of the nature specified in the application and the applicant satisfies the financial, managerial and other eligibility criteria and competence as may be prescribed Provided that no certificate of registration shall be refused to any applicant under this section unless the applicant has been given an opportunity of being heard.