Section#

Comments

2

It defines various terms used in the Act.

3

Defines the power of the State Bank of Pakistan to issue rules, guide lines, circulars, by-laws or directions as it may consider appropriate.

4

State Bank of Pakistan is empowered to designate a payment system as a designated a payment system.

5

State Bank of Pakistan is empowered to revoke designation of a designated payment system.

6

The State Bank may establish and operate one or more Real Time Gross Settlement Systems for the transfer of funds and settlement of payment obligations as approved by it. 

7

Financial Institutions or other Authorized Parties providing funds transfer facility shall be required to retain complete record of electronic transactions in electronic form for a period as may be determined by the State Bank. 

8 & 9

Defines disqualification of staff and its effects respectively.

10

The operator of a Designated Payment System shall establish adequate governance arrangements which are effective, accountable and transparent or which may be required by the State Bank to ensure the continued integrity of such Designated Payment System. 

11

Defines which operational arrangements will be made by an operator of a designated payment system.

12

State Bank of Pakistan is empowered to designate a payment instrument as a designated a payment instrument.

13

Imposes certain condition for the issuance of designated a payment instrument.

14

State Bank of Pakistan is empowered to prohibit any person from issuing or using any payment instrument subject to certain condition.

15

Financial Institutions and other institutions providing Electronic Funds Transfer facilities shall ensure that secure means are used for transfer, compliant with current international standards and as may be prescribed by the State Bank from time to time.