NEW DELHI: The Maharashtra government announced that September 18, will be observed as a public holiday under the Negotiable Instruments Act, 1881, Section 25 and there will be no transactions or settlements in government securities, foreign exchange, money markets and rupee interest rate derivatives, as per a press release issue by the Reserve Bank of India on Saturday.
All outstanding transactions that were supposed to be settled on September 18, 2024 (Wednesday), will now be settled on the following working day, which is September 19, 2024 (Thursday).
Additionally, the previously declared public holiday on September 16 has been revoked and the government securities market, foreign exchange market, money market and rupee interest rate derivatives market will be open for business.
Meanwhile, the settlement of secondary market transactions in government securities, foreign exchange market, money market and rupee interest rate derivatives market that are due on September 17, 2024, will be settled on the same day- September 17, 2024 (Tuesday).
Additionally, the settlement of the Government of India Dated Securities auction held on September 13, 2024 (Friday), will take place on September 17, 2024 (Tuesday), as previously announced. However, the settlement of the State Government securities auction scheduled for September 17, 2024 (Tuesday), will now occur on September 19, 2024 (Thursday), instead of September 18, 2024 (Wednesday).
The Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) under the Liquidity Adjustment Facility (LAF), which were utilized on September 13, 2024 (Friday) and were set to reverse on September 17, 2024 (Tuesday), will now reverse on September 16, 2024 (Monday). Additionally, the SDF and MSF windows under the LAF will continue to be available on all days, as per the existing guidelines.
The Maharashtra government altered the date of the Eid-e-Milad holiday after requests from Muslim MLAs and organisations, who had planned to hold Eid-e-Milad processions on September 18 to avoid any potential conflicts with Ganpati immersion ceremonies.
"Among the 24 public holidays notified by the State Government, the Eid-e-Milad holiday is indicated on Monday, September 16, 2024. Eid-e-Milad, a religious festival of Muslims, is widely celebrated by the Muslim community on a large scale. A procession program is organised on this occasion. On Tuesday, September 17th, 2024, since there is the Hindu festival of Anant Chaturdashi, to maintain peace and social harmony between the two communities, the Muslim Community has decided to organise the procession program on Wednesday, 18th September, 2024. Therefore, the public holiday of Eid-e-Milad is being declared on Wednesday, September 18, 2024 instead of Monday, September 16, 2024," the Maharashtra government said in its notification.
All outstanding transactions that were supposed to be settled on September 18, 2024 (Wednesday), will now be settled on the following working day, which is September 19, 2024 (Thursday).
Additionally, the previously declared public holiday on September 16 has been revoked and the government securities market, foreign exchange market, money market and rupee interest rate derivatives market will be open for business.
Meanwhile, the settlement of secondary market transactions in government securities, foreign exchange market, money market and rupee interest rate derivatives market that are due on September 17, 2024, will be settled on the same day- September 17, 2024 (Tuesday).
Additionally, the settlement of the Government of India Dated Securities auction held on September 13, 2024 (Friday), will take place on September 17, 2024 (Tuesday), as previously announced. However, the settlement of the State Government securities auction scheduled for September 17, 2024 (Tuesday), will now occur on September 19, 2024 (Thursday), instead of September 18, 2024 (Wednesday).
The Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) under the Liquidity Adjustment Facility (LAF), which were utilized on September 13, 2024 (Friday) and were set to reverse on September 17, 2024 (Tuesday), will now reverse on September 16, 2024 (Monday). Additionally, the SDF and MSF windows under the LAF will continue to be available on all days, as per the existing guidelines.
The Maharashtra government altered the date of the Eid-e-Milad holiday after requests from Muslim MLAs and organisations, who had planned to hold Eid-e-Milad processions on September 18 to avoid any potential conflicts with Ganpati immersion ceremonies.
"Among the 24 public holidays notified by the State Government, the Eid-e-Milad holiday is indicated on Monday, September 16, 2024. Eid-e-Milad, a religious festival of Muslims, is widely celebrated by the Muslim community on a large scale. A procession program is organised on this occasion. On Tuesday, September 17th, 2024, since there is the Hindu festival of Anant Chaturdashi, to maintain peace and social harmony between the two communities, the Muslim Community has decided to organise the procession program on Wednesday, 18th September, 2024. Therefore, the public holiday of Eid-e-Milad is being declared on Wednesday, September 18, 2024 instead of Monday, September 16, 2024," the Maharashtra government said in its notification.
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