Question
Any person desirous of commencing or carrying on a payment system may apply to the ………………for an authorisation under this Act
Solution
Section 5 of Payment and Settlement Systems Act Application for authorisation— (1) Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act. (2) An application under sub-section (1) shall be made in such form and in such manner and shall be accompanied by such fees as may be prescribed.
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