Under the Prevention of Money-laundering Act, 2002, "payment system" includes operations like:
The Explanation to section 2(1)(rb) says a payment system includes systems "enabling credit card operations, debit card operations, smart card operations, money transfer…
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Under the Prevention of Money-laundering Act, 2002, "payment system" includes operations like:
Answer and explanation
Correct answer D
The Explanation to section 2(1)(rb) says a payment system includes systems "enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations". Share allotment, registration of deeds and tax assessment are not payment operations.