What is a negative lien? Let us first understand what is a negative lien. Actually, there is no legal definition of the term ‘negative lien’ in any of the Indian legislative enactments. However, as it is understood in the normal course of business, it is merely a negative covenant which restricts a person from creating…
The Government of Gujarat state announced in its notification No.GS/27/2023/JSR/102023/930/GH dated 20.11.2023 declared the following days to be Public Holidays for the year 2022 under section 25 of NI act for banks in Gujarat. Sr.No Date Day Occasion/Festival Date 1 26.01.2024 Friday REPUBLIC DAY 2 08.03.2024 Friday MAHASHIVARATRI 3 25.03.2024 Monday HOLI 2ND DAY, DHULETI…
The Reserve Bank of India (RBI) on Friday permitted banks to open additional current account for exports proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters.In terms of this provision and in order to provide greater operational flexibility to the exporters, AD Category-I banks maintaining Special…
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The following holidays declared under the NI Act are applicable exclusively to the banks located within the administration area of Karnataka State. In other States and Union territories where it is not a holiday, banks…
People have doubt whether an unregistered Partnership Firm can also be brought within the purview of Section 141 of the Negotiable Instruments Act, and in such cases, whether the Partnership Firm must be made as an accused along with the other partners, in order to maintain a complaint for an offence under Section 138 of…
The competent authority of the Government of Mizoram declared the following days as public holidays for the Calendar Year 2024. Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under the NI Act applies exclusively to the banks located within the…
The Department of Finance (leaves), Government of Rajasthan vide circular dated 09.10.2023 declared bank Holidays under section 25 of the NI Act for the year 2024. Sr.No Date Day Occasion/Festival Date 1 26.01.2024 Friday REPUBLIC DAY 2 08.03.2024 Friday MAHASHIVRATRI 3 25.03.2024 Monday HOLI/DHULANDI 4 29.03.2024 Friday GOOD FRIDAY 5 01.04.2024 Monday Banks’ Annual closing…
Scheduled Commercial banks in India have seen a sharp rise in unsecured loans – mostly personal loans and credit cards – that has outpaced the overall bank credit growth of about 15% over the past year, catching the attention of the Banking Regulator. The high growth seen in consumer credit and increasing dependency of NBFCs…
The Finance Department Government of West Bengal vide circular No 6112-F (P2) dated 09.11.2023 declared Bank holidays under section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of West Bengal State. In other States and Union territories where it…
The Government of Odisha (earlier known as Orissa) in its circular No. RDM-Reg-Misc-0014-2023/39314 dated 7.11.2023 declared 20 holidays for the year 2024 under the explanation of section 25 of Negotiable Act 1881. List of Public Holidays in Odisha (Orissa) State under sec 25 of NI Acts Sr.No Date Day Occasion/Festival Date 1 15.01.2024 Monday MAKARA…