2. Objectives of the Act

“clearing system” means a mechanism for the exchanging and processing of obligations to make payment or the transfer of securities among banks and other financial institutions for the purpose of settling them ;

“money services” means services relating to money including safekeeping, money transmission, cheque encashment and currency exchange ;

“payment system” means institutions and mechanisms facilitating payment in money and the transfer of monetary value by means of payment transactions .

It includes mechanisms for clearing and settlement of obligations to make payment ;

“electronic presentment of cheques“ means the electronic transmission by a banker of an image and payment information of the cheque, to the banker on whom it is drawn ;

“settlement system” means a mechanism for the discharge of obligations to make payment and to transfer securities cleared by banks and other financial institutions through the adjustments to their accounts.

“books, records, accounts, documents, information” means books, records, accounts, documents or information recorded or stored in any media including paper and data stored by electronic, optical, magnetic or in any information system.