Categories: Bank News

Change in Public Holiday under Negotiable Instrument Act – June 28 is working day

RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881.

The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government securities conducted on June 27, 2023, will take place on June 28, 2023.

 Accordingly, there will be no transactions and settlements in Government securities, foreign exchange, money markets, and rupee interest rate derivatives on June 29, 2023. Settlement of all outstanding transactions due on June 29, 2023, will accordingly get postponed to the next working day i.e., June 30, 2023.

“The tenor for transactions of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) operations under the Liquidity Adjustment Facility (LAF) for June 27, 2023, will be modified to one day and that of June 28, 2023, will be modified to two days. Further, the SDF and MSF windows under the LAF will be available as usual on June 29, 2023” RBI said.

Surendra Naik

Share
Published by
Surendra Naik

Recent Posts

What are Suspense Account and rectification in Trial Balance?

When the trial balance does not tally due to the one-sided errors in the books,…

9 hours ago

Explained: Reasons for disagreement of a Trial Balance

Errors in Trial Balance are mistakes made during the accounting process that cannot always be…

10 hours ago

Bank Holidays 2025: GOA

 “Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…

17 hours ago

Reporting of Foreign Exchange Transactions to Trade Repository

The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February…

1 day ago

Bank Holidays 2025: State of Kerala

“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…

2 days ago

Meaning of a Trial Balance, Features and Purpose of a Trial Balance

A trial balance is a bookkeeping tool that lists all the balances in a business's…

2 days ago