ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Towards Global Norms in Payment and Settlement Systems

The Indian financial system now encompasses a vast set of payment, settlement and clearance systems. Two recent legislative changes, the enactment and notification of the Government Securities Act 2006 and the passage of the Payment and Settlement Systems Bill 2006 promise to make major improvements in the processing of financial instruments. However, one proposal to shift the entire cheque clearance arrangement to a new corporation is facing hurdles.

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