Cabinet green lights new Payment System Bill – Williams

first_imgAs Guyanese law enforcement officials continue to grapple with frequent cases of ‘trailed’ bank robberies, Government is looking to move ahead with legislation that would not only increase the security of citizens, but modernise and boost the efficiency of the banking sector. This is according to Legal Affairs Minister and Attorney General, Basil Williams, who said Cabinet last week approved the new piece of proposed legislation.“At Cabinet on Tuesday, we dealt with, and approved, the Payment Systems Bill, which will really transform the way we deal with financial and cash transactions. So [it will] reduce cash transactions in the first place, and substitute (those) with electronic transactions,” the Legal Affairs Minister said at an event where he underscored the need for local state prosecutors to be educated on the various financial crimes, so as to improve their efficiency.A National Payment System (NPS) is an infrastructure that provides the economy with the channels or circuits for processing the payments resulting from the many different types economic transactions that take place daily.The Bank of Guyana (BoG) was tasked with leading the development and implementation of a strategic approach to advance the development of Guyana’s NPS, by establishing the parameters to guide policy and set priorities.After widespread consultations with stakeholders, Central Bank, with assistance from the World Bank, last year commenced putting together a four-year comprehensive plan that would see the strategic transformation of the local payment system from paper-based mechanisms to electronic payments.The National Payment System Strategy (2017-2021) was handed over to Government last month. This is a developmental plan that envisions a “robust, sound, efficient and inclusive National Payment System (NPS) that meets the current and future needs of the economy, support financial activity and financial sector development, advances the use of electronic payments, contributes to financial risk mitigation, achieves compatibility with international systems, adheres to the relevant international standards, guidelines and codes.”The 59-page strategy and action plan is centred around nine pillars of a conceptual framework developed by the Work Bank on National Payment System. These include: legal framework, large value payments, retail payments, government transactions, securities depository, clearing and settlement, money markets, international remittances, oversight and cooperation.This strategy will aim to establish legal clarity and certainty to cover several areas, such as electronic funds transfer, e-money and cheque truncation.Additionally, steps will be made towards enhancing the efficiency of payment processing and the reduction of settlement times for both retail and large value transactions.The strengthening of risk management and mitigation across the national payments system and the expansion of the accessibility of electronic payment access networks will also be under focus.Central Bank will also seek to attract higher rates of electronic payment acceptance by vendors, merchants and other providers of goods and services, as well as advance the migration of Government to electronic payments for both the collection and disbursement of funds.Further, the BoG will drive remittance costs down and enhance the accessibility of remittance services, and strengthen the oversight framework and capacity.Back in 2016, Governor of the Bank of Guyana, Dr Gobind Ganga, had announced that Guyana could be saving as much as $6 million annually with a modernised payment system that makes optimum use of electronic payments.last_img read more


first_img Related Items:ministry of health, Portia smith, public apology Beautiful girls on Beautiful beaches, Turks and Caicos scores with Sports Illustrated Exercise Design Training Workshop 22nd – 26th February 2016 Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, Turks and Caicos Islands, Thursday October 9, 2014 – “I would like to offer my sincere apology for the turn of events, as they occurred, at the Ministry of Health’s Press Conference yesterday.There is no excuse for the way that I acted, and I especially extend my apology to the members of the media, member of my ministry, my government, my constituency and the people of the Turks and Caicos Islands.It is most unfortunate, that moment’s outburst overshadowed the purpose for which we were gathered, which was to provide the public with insight to the state of affairs as it relates to the health of the country in the wakes of the Chikungunya and Dengue Fever Viruses and especially in relation to the Ministry’s preparatory efforts in the face of the Ebola Virus.I wish to assure the public that the portfolio of the Ministry of Health and Human Services is a responsibility that I do not take lightly and therefore regret if my thoughtless actions have demonstrated anything less.I have apologized to my Ministerial colleagues and will be writing to the members of my Ministry in apology, as I am cognizant of my responsibility to be an example to all.In the coming days my Ministry will be issuing additional information and continuous updates on encouraging and ongoing efforts being taken to minimize the country’s risk to current health threats.End. Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp HOA Opens, slew of Health Bills on Agenda; Key questions to Border Control Ministerlast_img read more

Turner Warns Feds State Endangering Houston With Harvey Aid Delays

first_img 00:00 /01:09 Listen Share To embed this piece of audio in your site, please use this code: Photo: Andrew Schneider | Houston Public MediaGoverno Houston Mayor Sylvester TurnerHouston Mayor Sylvester Turner is warning that a government shutdown could significantly set back Harvey recovery efforts.The federal government is set to run out of money Friday. Most observers expect, at best, Congress will pass another continuing resolution to keep the lights on a few more weeks. Meanwhile, Turner says, spring is just a few months away – and with it, the risk of fresh flooding, such as the region suffered in 2015 and 2016. “And so to not vote on the Harvey relief package, let’s say on the 19th, and if it’s postponed another month, it’s just not going to put people in the best position to get prepared for the next storm.”Turner says the City Council would need to send a delegation to Washington to lobby for Harvey aid, a call several council members echoed.“The expression in Kingwood is ‘Kingwood Strong,’” says District E Council Member Dave Martin. “No offense to people in Kingwood, but not a darn thing has changed. I get more help from my Democratic mayor than I do from my Republican state officials and my Republican federal officials. That makes me sick.”Turner also wants to lobby Governor Greg Abbott to tap some of the state’s $11 billion Rainy Day Fund, which Abbott has so far refused to do. Xlast_img read more