« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing 2026: Who must file by August 31? Tax department explains  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes «  IFAC's International Public Sector Accounting Standards... Small cities clock smart growth in I-T collections... » ‘Legal framework to back advanced payment and settlement system’ October, 27th 2006 The Reserve Bank of India (RBI) is trying to ensure that the legal framework in the country is not lagging behind the modern developments in payment and settlement technology, RBI governor YV Reddy said, while addressing a Regional Payment Systems Workshop, in Hyderabad. He said as the Payment and Settlement Systems Bill, 2006 is under consideration of Parliament, the oversight of payment and settlement system was initiated under the RBI Regulations, 2005, which have been framed under the statutory provisions of the RBI Act. As on when the Payment and Settlement Systems Bill is enacted in Parliament, the enactment would provide a specified and dedicated legal foundation for the regulation and supervision of the payment and settlement systems as also legal recognition to netting procedures in the country. Speaking on the RTGS experience, Reddy said the experience with RTGS shows that there are immense benefits but its popularity itself can give rise to some operational issues when the system is stabilising. “The delays in closing the books by the end of the day have been reported. We are according highest priority to tackle these operational issues that have cropped up in the recent past,” he said. Also, several strategic measures may be necessary to popularise and encourage the use of RTGS by the financial intermediaries, consistent with the efficacy and capacity of the RTGS system, said Reddy.