Under the Prevention of Money-laundering Act, 2002, "payment system" may involve:
Section 2(1)(rb) describes a payment system as one "involving clearing, payment or settlement service or all of them". Listing, trading and underwriting of securities and…
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Under the Prevention of Money-laundering Act, 2002, "payment system" may involve:
Answer and explanation
Correct answer A
Section 2(1)(rb) describes a payment system as one "involving clearing, payment or settlement service or all of them". Listing, trading and underwriting of securities and the sale of collateral are not payment system functions.