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Corporate Laws Central Ministry of Finance Negotiable Instruments Act, 1881

Government of Maharashtra: Revised Public Holiday Declaration and Financial Market Operations

27-Sep-2023 | Press Release: 2023-2024/1005

Reserve Bank of India (RBI) has released a press statement regarding changes in the public holiday declaration under the Negotiable Instruments Act and the impact on financial market transactions for September 2023. The key points are: 1. Change in Public Holiday: The Government of Maharashtra has officially declared September 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The previously declared public holiday for September 28, 2023, has been cancelled. 2. Continuation of Financial Market Operations: To ensure smooth operations and non-disruptive settlement of transactions, especially in light of quarter/half-year-end activities, the following markets will remain operational: Government securities market Foreign exchange market Money market Rupee interest rate derivatives market This operational status applies to both September 28, 2023, and September 29, 2023. 3. Settlement of Secondary Market Transactions: The settlement of secondary market transactions in Government securities, foreign exchange market, money market, and rupee interest rate derivatives market, originally due on September 29, 2023, will continue as planned on the same day. 4. Tenor for SDF and MSF Operations: The tenor for transactions of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) operations under the Liquidity Adjustment Facility (LAF) for the period September 27-29, 2023, will be as follows: September 27, 2023: 1 day September 28, 2023: 1 day September 29, 2023: 4 days

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