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LAW FOR CREDIT CARD PAYMENTS :: FM..!

By : CA.Saibaburao Nanduri on 27 August 2007

The government is planning to bring a new law to regulate credit card payment.

While replying to a question regarding credit card problems, Finance Minister P Chidambaram told the Lok Sabha that such a move is in the offing. In his question, CPI(M) MP Rupchand Pal had stated that ATM transactions and debit card services are directly given by banks.

But in the case of credit cards, there are other agencies involved. Pal wanted to know why there are no concrete steps to oversee these agencies and credit card transactions.