Bank Holidays for the Year 2010 – Uttharkand
Banking Holidays in India are to be declared under
Negotiable Instrument Act, 1881.
Sec 25 of that Act speaks of that:
QUOTE
25. When day of maturity is a holiday. When the
day on which a promissory note or bill of exchange
is at maturity is a public holiday, the instrument
shall be deemed to be due on the next preceding
business day. 17 Explanation.-The expression
" public holiday " includes Sundays: 1** * and any
other day declared by the 2[Central Government],
by notification in the Official Gazette, to be a
public holiday
UNQUOTE
This is precisely the reason why the declaration has
to be made either by the Central or State Governments.
Normally, the respective State Governments declare Banking
Holidays under Sec 25 of Negotiable Instrument Act, 1881.
Holidays under Sec 25 of Negotiable Instrument Act, 1881.
This power is delegated to the State Governments by the
Central Government.
Central Government.
I reproduce here below, Bank Holidays for the Year 2010 – Uttharkand
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