Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
« Latest Circulars »
 New Opening Accounts & Finance - Executive /asst. Manager ( Chartered Accountant)
 35 LPA-Opening DGM / GM Accounts - Chartered Accountant ( CA )
 Secondary market transactions in Government Securities – Notional Short Sale
 Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period
 Agency Commission for GST receipt transactions
 Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
  Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
 Auction for Sale (Re-issue) of Government Stock (GS) November 13, 2017
 Auction of Government of India Dated Securities November 13, 2017
 Cessation of “Commonwealth Bank of Australia” as a banking company within the meaning of sub–section (2) of Section 36 (A) of Banking Regulation Act, 1949
 RBI releases Data on India’s International Trade in Services: September 2017

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions
June, 25th 2013

DPSS (CO) PD No.2377/02.14.003/2012-13

June 24, 2013

The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /
State Co-operative Banks / District Central Co-operative Banks/
Authorised Card Payment Networks

Madam / Dear Sir,

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions

A reference is invited to our circular dated September 22, 2011 on security issues and risk mitigation measures related to Card Present (CP) transactions and circular dated February 28, 2013 on security and risk mitigation measures for electronic payment transactions wherein various timelines were indicated for accomplishment of tasks for securing card and electronic payment transactions.

2. In this regard, representations have been received from the stakeholders for extending the timelines indicated in the above circulars. A review of banks’ preparedness for securing card as well electronic transactions indicated that technical glitches like field visits to all the ATM and POS locations, certification delays, re-carding /fall back related issues, non-preparedness of the acquirers leading to rejections, issuers concerns, etc. were hampering the smooth & timely transition to the desired environment for such transactions.

3. With a view to providing uninterrupted services to the customers, it has been decided to grant a onetime extension of time as indicated below:



To be completed by


Acquirers to be ready with the respective tasks stated under circular dated September 22, 2011 and February 28, 2013 respectively

September 30, 2013


Issuers to be ready with the respective tasks/tests stated under circular dated September 22, 2011 and February 28, 2013 respectively

November 30, 2013


a) Fall back option/bypass (without PIN requirement) to be enabled for all cards issued in India  

b) Fall back option/bypass (without PIN requirement) to be enabled for all international cards used in India (cards issued abroad) based on the service codes and jurisdiction mandates

Till November 30, 2013

Present system to be continued


All other tasks stipulated vide our circular dated September 22, 2011 and February 28, 2013

September 30, 2013

4. Every issuer and acquirer will honour the transactions based on the above mandates and liabilities fixed accordingly. It may please be noted that in the event of a customer complaining of misuse of the card after the date stipulated in this circular, the issuer or the acquirer who has not adhered to the time lines should bear the loss.

5. Banks are advised to strictly adhere to the above mandates and ensure compliance. It is emphasized that no further extensions would be granted.

6. The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).

7. Please acknowledge the receipt of this circular.

Yours faithfully,

(Vijay Chugh)
Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions