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[Cites 0, Cited by 0] [Section 2(1)] [Section 2] [Entire Act]

Union of India - Subsection

Section 2(1)(e) in The Payment And Settlement Systems Act, 2007

(e)"netting" means the determination by the system provider of the amount of money or securities, due or payable or deliverable, as a result of setting off or adjusting, the payment obligations or delivery obligations among the system participants, including the claims and obligations arising out of the termination by the system provider, on the insolvency or dissolution or winding up of any system participant or such other circumstances as the system provider may specify in its rules or regulations or bye-laws (by whatever name called), of the transactions admitted for settlement at a future date so that only a net claim be demanded or a net obligation be owned;