Jaitley introduces amendment bill to improve Payment Systems

A bill to improve the payment and settlement systems with a view to increasing transparency and stability of Indian financial market was introduced in the Lok Sabha today.
The amendment to the Payment and Settlement Systems Act, 2007, was proposed to update the regulations in line with globally accepted standards, said the statement of object and reason of the Bill which was introduced by Finance Minister Arun Jaitley.
The amendment seeks to protect funds collected from the customers by the payment system providers and to extend the Act to cover trade repository and legal entity identifier issuer. A Legal Entity Identifier is an unique ID associated with a single corporate entity.

As per the proposed amendments, the decision of the Court, Tribunal or any authority will not impact the settlement which had become final prior to the issuance of the order.
The statement further said that following the amendments, the liquidator or receiver of the central counter party will not be allowed to reopen the claim once it had become final and irrecoverable.