Under the Prevention of Money-laundering Act, 2002, payment systems include which of the following…
The Explanation to section 2(1)(rb) says "payment system" includes the 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 systems include which of the following operations?
Answer and explanation
Correct answer B
The Explanation to section 2(1)(rb) says "payment system" includes the systems "enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations". Underwriting share issues, valuing property and renting lockers are not payment operations.