Negotiable Instruments (NI) Act 1881 is the Basic Law regulating
Indian Banking System. The Act came into existence on 01/03/1882.
It is important to
remember that State Government have to specifically declare Holidays
under the Section 25 of the Negotiable Instruments Act, 1881 for
Banks to be closed on that particular day.
Otherwise, the Holiday is
applicable only to State Government offices.
Public
Holidays in the State of Goa during the year
2012 - Section 25 of the Negotiable Instruments Act, 1881
Public
Holidays for the Year 2012 in the State of Goa
Please
find enclosed a copy of the Government Notification containing the
list of public holidays declared under the Negotiable
Instruments Act, 1881 in
the State of Goa for the Year 2012.
In
the said list,
the Government of Goa has declared Sunday, 1st April 2012 and Sunday,
30th September 2012 as public holidays for annual / half yearly
closing of bank accounts respectively. Accordingly, we have taken up
the matter with the Government of Goa with a request to issue an
amended notification declaring Monday, 2nd April 2012 and Saturday,
29th September 2012 as public holidays to enable banks to close their
annual and half yearly accounts, respectively. On receipt of such
notification, we shall advise member banks.
It
is clarified that 'public holiday'
declared by Central / State Governments / Union Territory, includes
'Sundays' as indicated under the explanation to Section
25 of
the Negotiable Instruments Act.
