The Reserve Bank of India (RBI) has notified a shift in public holidays under the Negotiable Instruments Act from September 16 to September 18 following the Government of Maharashtra changing the public holiday relating to Eid-e-Milad.
Accordingly, on September 18, 2024, there will be no transactions and settlements in Government securities (G-Sec), foreign exchange (Fx), money markets, or rupee interest rate derivatives, RBI said in a statement.
Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will be postponed to the next working day, September 19, 2024 (Thursday).
The G-Sec, Fx, money, and rupee interest rate derivatives market will now be operational on September 16, 2024 (Monday).
The settlement of secondary market transactions in G-Sec, Fx market, money market, and rupee interest rate derivatives market that are due on September 17, 2024, will continue to be on the same day.
As announced earlier, the settlement of the auction of G-Secs conducted on September 13, 2024 (Friday) will take place on September 17, 2024 (Tuesday).
Settlement of the auction of State Government securities scheduled on September 17, 2024 (Tuesday) will now take place 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 availed on September 13, 2024 (Friday) and scheduled to reverse on September 17, 2024 (Tuesday), will now reverse on September 16, 2024 (Monday).
Further, the SDF and MSF windows under the LAF will be available as usual on all days as per the extant guidelines.
In a notification, the Maharashtra Government’s General Administration Department (GAD) said that 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 organized on this occasion,” the GAD said.
On Tuesday, September 17, 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 organize a procession program on Wednesday, September 18, 2024, per the GAD notification.
Therefore, the public holiday of Eid-e-Milad is being declared on Wednesday, September 18, 2024, instead of Monday, September 16, 2024.