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LS passes Bill to bring payments law in tune with global norms

A Bill aimed at bringing India’s banking payment system in sync with international practices was passed by the Lok Sabha on Tuesday with Finance Minister Arun Jaitley saying the world would lack confidence if “obsolete laws” in the financial system exist in this country.

Replying to a debate on Payments and Settlement Systems (Amendment) Bill, Jaitley said there was a “gap” in the law which needed to be addressed so that there is protection for payments in case of insolvency.

The Bill seeks to improve the payment and settlement systems by increasing transparency and stability of Indian financial market.

“If we have an obsolete financial system the world will not trust us to the level at which the world should, if we have to relegate ourselves to a country whose financial system must have confidence in itself,” Jaitley said.

A Bill aimed at bringing India’s banking payment system in sync with international practices was passed by the Lok Sabha on Tuesday with Finance Minister Arun Jaitley saying the world would lack confidence if “obsolete laws” in the financial system exist in this country.

Replying to a debate on Payments and Settlement Systems (Amendment) Bill, Jaitley said there was a “gap” in the law which needed to be addressed so that there is protection for payments in case of insolvency.

The bill seeks to improve the payment and settlement systems by increasing transparency and stability of Indian financial market.

“If we have an obsolete financial system the world will not trust us to the level at which the world should, if we have to relegate ourselves to a country whose financial system must have confidence in itself,” Jaitley said.


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