India
Maharashtra govt shifts Eid-e-Milad holiday to September 18, dates for financial settlement revised | India News – Times of India
NEW DELHI: The Government of Maharashtra has announced that September 18 will be observed as a national holiday under the Negotiable Instruments Act, 1881, Section 25, and that no transactions or settlements will take place in government securities, foreign exchange, money market instruments and rupee interest rate derivatives, according to a press release from the Reserve Bank of India on Saturday.
All outstanding transactions that were scheduled to be settled on September 18, 2024 (Wednesday) will now be settled on the next business day, which is September 19, 2024 (Thursday).
In addition, the previously declared national holiday on September 16 has been withdrawn and the government bond market, foreign exchange market, money market and rupee interest rate derivatives market have reopened for business.
Meanwhile, transactions in the secondary market in government bonds, the foreign exchange market, the money market and the rupee rate derivatives market maturing on September 17, 2024 will be settled on the same day: September 17, 2024 (Tuesday).
Further, the settlement of the Government of India Dated Securities auction that was scheduled to be held on September 13, 2024 (Friday) will now take place on September 17, 2024 (Tuesday), as announced earlier. However, the settlement of the State Government Securities auction that was scheduled to be held 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 used on 13 September 2024 (Friday) and were due to be wound down on 17 September 2024 (Tuesday), will now be wound down on 16 September 2024 (Monday). In addition, the SDF and MSF windows under the LAF will remain available on all days, in line with existing guidelines.
The Government of Maharashtra has announced the date of the Eid-e-Milad holiday following requests from Muslim parliamentarians and organisations, who had planned to hold Eid-e-Milad processions on September 18 to avoid possible clashes with Ganpati’s immersion ceremonies.
“Among the 24 holidays announced by the state government, the Eid-e-Milad holiday has been declared on Monday, September 16, 2024. Eid-e-Milad, a religious festival of Muslims, is celebrated on a grand scale by the Muslim community on a grand scale. A procession programme will be organised on this occasion. On Tuesday, 17th September 2024, as it is the Hindu festival of Anant Chaturdashi, the Muslim community has decided to organise the procession programme on Wednesday, 18th September 2024 to maintain peace and social harmony between the two communities. Therefore, the national holiday of Eid-e-Milad is declared on Wednesday, 18th September 2024 instead of Monday, 16th September 2024,” the Maharashtra government said in its notification.
All outstanding transactions that were scheduled to be settled on September 18, 2024 (Wednesday) will now be settled on the next business day, which is September 19, 2024 (Thursday).
In addition, the previously declared national holiday on September 16 has been withdrawn and the government bond market, foreign exchange market, money market and rupee interest rate derivatives market have reopened for business.
Meanwhile, transactions in the secondary market in government bonds, the foreign exchange market, the money market and the rupee rate derivatives market maturing on September 17, 2024 will be settled on the same day: September 17, 2024 (Tuesday).
Further, the settlement of the Government of India Dated Securities auction that was scheduled to be held on September 13, 2024 (Friday) will now take place on September 17, 2024 (Tuesday), as announced earlier. However, the settlement of the State Government Securities auction that was scheduled to be held 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 used on 13 September 2024 (Friday) and were due to be wound down on 17 September 2024 (Tuesday), will now be wound down on 16 September 2024 (Monday). In addition, the SDF and MSF windows under the LAF will remain available on all days, in line with existing guidelines.
The Government of Maharashtra has announced the date of the Eid-e-Milad holiday following requests from Muslim parliamentarians and organisations, who had planned to hold Eid-e-Milad processions on September 18 to avoid possible clashes with Ganpati’s immersion ceremonies.
“Among the 24 holidays announced by the state government, the Eid-e-Milad holiday has been declared on Monday, September 16, 2024. Eid-e-Milad, a religious festival of Muslims, is celebrated on a grand scale by the Muslim community on a grand scale. A procession programme will be organised on this occasion. On Tuesday, 17th September 2024, as it is the Hindu festival of Anant Chaturdashi, the Muslim community has decided to organise the procession programme on Wednesday, 18th September 2024 to maintain peace and social harmony between the two communities. Therefore, the national holiday of Eid-e-Milad is declared on Wednesday, 18th September 2024 instead of Monday, 16th September 2024,” the Maharashtra government said in its notification.
