Section 25 of PSSA – Section 25: Dishonour Of Electronic Funds Tr

The Payment and Settlement Systems Act, 2007

CHAPTER VI: SETTLEMENT OF DISPUTES

Section 25: Dishonour Of Electronic Funds Transfer For Insufficiency, Etc, Of Funds In The Account

(1) Where an electronic funds transfer initiated by a person from an account maintained by him cannot be executed on the ground that the amount of money standing to the credit of that account is insufficient to honour the transfer instruction or that it exceeds the amount arranged to be paid from that account by an agreement made with a bank, such person shall be deemed to have committed an offence a

Explanation using examples

Imagine John tries to pay his electricity bill through an online banking transfer. He initiates a transfer of INR 5,000 from his bank account to the electricity company. Unfo

Section 25 of PSSA : Section 25: Dishonour Of Electronic Funds Transfer For Insufficiency, Etc, Of Funds In The Account

Bare Act

Simplified Act

Simplified Explanation of Section 25 of The Payment and Settlement Systems Act, 2007:

Explanation using examples

Ad Block Detected