The document discusses key sections of the Information Technology (Amendment) Act, 2008 relating to electronic records and signatures in India. It outlines sections 14-16 which address secure electronic records, secure electronic signatures, and the security procedures and practices that may be prescribed by the Central Government respectively. Section 14 defines a secure electronic record, Section 15 defines a secure electronic signature and its properties, and Section 16 allows the government to prescribe security standards and practices for electronic records and signatures.

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CYBER LAW
SAGARRAI
1019195

2. Answer 1 :
Pre-Payment Instrument
Pre-Payment InstruMent are those that facilitate purchase of goods and services
including financial services reMittances and fund transfer etc. against the value
stored in on such instruMent. A PPI can be used to buy goods and services and
transfer Money to friends’ faMily etc. The prepaid instruMents can be issued as
sMart cards, Magnetic stripe cards, internet accounts, online wallets, Mobile
accounts, Mobile wallets, paper vouchers and any such instruMents used to
access the prepaid aMount Pre-Payment InstruMents are regulated by reserve
bank of India. The Pre-Payment InstruMent in India can be classified under Four
categories

3. 1) CLOSED SYSTEMPPI
These are PPI issued by entity for purchase of goods and services froM that entity only.
No cash withdrawals are perMitted. These instruments cannot be used for payMent or
settleMent of third-party services. The issuance and operation of these instruMents is
not classified as a payMent systeM and does not require approval authorization froM
RBI. ExaMple Gift Vouchers.
2) MOBILE PREPAID INSTRUMENT
These are prepaid instruMent issued by Mobile service providers the talk tiMe
value can be used to purchase value added services froM the Mobile service
providers or third party service providers.

4. 3) OPENSYSTEM PPI
These are PPI issued by bank for use at any Merchant for purchase of
goods and services including financial services reMittances facility etc.
exaMple Credit card Debit card.
4) SEMI CLOSED PPI
These are PPI issued by banks (approved by RBI) and non-banks (authorized by
RBI) for purchase of goods and services, including financial services reMittance
facilities etc. for used at clearly identified Merchant locations and establishMent
which have a specific contract with the issuer(or contract through a payMent
aggregator payMent gateway) to accept the PPI as payMent instruMent these
payMent instruMent not perMit cash withdrawal irrespective of whether they
are issued by bank or non-bank. exaMple Paytm

5. ANSWER 2 A. NEFT
NATIONAL ELECTRONIC FUND TRANSFER SYSTEM
MAINTAINED BY RESERVE BANK OF INDIA. STARTED IN
NOVEMBER 2005NEFTENABLESBANKCUSTOMERSIN
INDIATOTRANSFER FUNDSBETWEEN ANYTWONEFT
ENABLED BANK ACCOUNTS ON ONE-TO-ONE BASIS. IT IS
DONE VIA ELECTRONIC MESSAGES.

6. Minimum Transfer value : 1 Rupee
Maximum Transfer value: Depends on customer segment
Type of settlement : Batches
Speed of Settlement : 2 Hours cut off subject timings
Service Availability : 24^7 HOURS
Both : ONLINE/OFFLINE

7. Essential Information Needed
1· Amount to be remitted·
2. Account number which is to be debited
3. Name of the beneficiary bank
4· Name of the beneficiary customer
5. Account number of the beneficiarycustomer
6. · Sender to receiver information, if any· The IFSC
Number of the receiving branch

8. NEFT (PROCESS & REQUIREMENT)
1. ·Forafunds transfer togothrough NEFT, both thesending bank branch
and the receiving bank branch would have to be NEFT enabled
.
2. · In rare cases of systeM failure at RBI/Banks respective software,
Manual intervention is required to clear the Blocked funds.
3. · Minimum/Maximum Amounts for NEFT Transaction· There is no limit
on Minimum/Maximu amount of transactions through NEFT· HOWEVER
MAXIMUM AMOUNT PER TRANSACTION IS LIMITED TO RS 2,00,000
PROCESSING FEES
Up to Rs 1 lakh : Rs 5/-
Rs 1 lakh & 2 lakhAbove 2 lakhRs : 15/- maximumRs 25/-
maximum

9. 2.RTGS
Real Time Gross Settlement is a special fund transfer systeM Where the transfer
of Money or securities takes place froM one bank to another on a real tiMe and
gross basis. Settlement in real tiMe Means a payMent transaction not subjected
to any waiting period with transaction settled as soon as they processed gross
settleMent Means transaction is settled on one to one basis without bunding or
netting with any other transaction. PayMents are final and irrevocable.
1. Minimum transfer value : Rs 2 lakh
2.Maximum transfer value : No upper limit
3.Type of settlement : One on one settlement
4.Speed of settlement : Immediately
5. Service availability : 24/7 HOURS
6. Online/Offline : Both

10. Information needed for effective remittance
1. Amount to be reMitted.
2. RemittingcustoMer’saccountnumber which is to
be debited.
3. NaMe of the beneficiary bank.
4. NaMe of the beneficiary.
5. Account nuMber of the beneficiary.
6. IFSC code of the destination bank branch
Transaction Amount Limit
Minimum: INR 2,00,000 (for INDIA)
Maximum: No limit
- maximum amount may vary with respect to banks.
- For example, RTGS maximum amount limit in SBI
- Rs.5 million for small & medium firms. -
Rs.5 billion for large & very large firms

11. WORKING OF RTGS TH

12. 3.IMPS
IMMEDIATE
PAYMENT SERVICE IS AN INSTANT PAYMENT
INTERBANK ELECTRONIC FUND TRANSFER SYSTEM
IN INDIA. IMPS OFFERS AN INTER- BANK FUND
TRANSFER SERVICE THROUGH MOBILE PHONE
THE SERVICE AVAILABLE THROU GHOUT THE YEAR
INCLUDING BANK HOLIDAYS.

13. Process Of IMPS
Sender Sending
Bank
Receivin9
Bank
Receiver
Receive a c @»r'rtifi<otion
C»edrt to ffll•e R*»oeiveY"s a c
Gg npFa4g and spnd kan Se«4ion
SMS confirmation fa fke s»nder
re spnn sA
SMS «orrfirmutio n !o the reueirer

14. Limit Of IMPS

15. ANSWER 3
INFORMATION TECHNOLOGY
ACT 2008
The InforMation Technology
(AMendMent) Act, 2008 The Main Indian act that
addresses legal challenges
specifically as they relate to the Internet is the InforMation
Technology
(AMendMent) Act, 2008, or for short, the IT Act. We
highlight the sections
that have the greatest relevance for the Internet and
deMocracy

16. SECURE ELECTRONIC RECORDS
AND SECUREELECTRONIC
SIGNATURES
SECTION 14 TO 16

17. SECTION 14 - SECURE ELECTRONIC
RECORD
Where any security procedure is applied
to an
electronic record, at a specific point of
time, then from such point onwards up
to the time of verification, the record is
deemed to be a secure electronic
record

18. Section 15-SECURE ELECTRONIC
SIGNATURE
An electronic signature is unique to the subscriber. Once the
signature is affixed to an electronic record it can be used to
identify the
subscriber. It is presumed to be under the exclusive control
of the subscriber.
The signature signifies the time when it is affixed to an
electronic record and
the manner in which the signature was created. If any one
tries to alter such a
signed electronic record, then the signature gets invalidated.
An electronic
signature will be deemed to be secure if it can be proved
that, it was under
the exclusive control of the signatory at the time of affixing
and the
signature data (private key) was stored and affixed in the
specified manner.

19. Section 16- Security Procedures and
practice
The Central Government may for the purpose of sections 14 and 15,
prescribe the security procedures and practices :
Provided thatinprescribing suchsecurity procedures andpractices, the
Central Government shall have regard to the commercial
circumstances, nature oftransactions andsuch otherrelated factors as
it may consider appropriate.