BSE-Extension in Trading Timings

BSE-Extension in Trading Timings

In October, market regulator, Securities and Exchange Board of India allowed stock exchanges to set their trading hours between 9 am and 5 pm.

Bombay Stock Index(BSE) has taken the first step, towards this trading hours.

Today  BSE has announced that from December 18, 2009, there is a change in the trading hours. The timing has been extended by 10 minutes.

The present BSE trading timings are 9.55am to 3.30pm, and the new trading timings w.e.f. December 18, 2009, Friday are 9.45am to 3.30pm.

The complete BSE Notification can be accessed at

http://www.bseindia.com/cirbrief/new_notice_detail.asp?noticeid={07965150-5F30-4380-9109-AAB75CCD40C7}noticeno=20091215-8&dt=12/15/2009&icount=8&totcount=33&flag=0

Well to me, this seems to be the beginning for eventually moving to the 9am to 5pm cycle. BSE intends to take small steps at a time, so that all the Stake Holders i.e Brokers, BSE Operations Team, Bankers, Trading Public, have a smooth switch-over to the extended timings.

And, Friday is a good day to start auspicious matters.

Indian Bank Holidays 2010 – Bihar

Indian Bank Holidays 2010 – Bihar 

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.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – Bihar, As declared by the Government of Bihar

 

QUOTE 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2119

November 24, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Bihar

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Bihar for the Year 2010.

We have to clarify 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.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

UNQUOTE 

Indian Bank Holidays 2010 – Maharashtra

Indian Bank Holidays 2010 – Maharashtra  

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.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian  Bank Holidays for the Year 2010 – Maharashtra

As declared by the Government of Maharashtra

 QUOTE

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2074

November 20, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Maharashtra

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Maharashtra for the Year 2010.

We have to clarify 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.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

 

World Trade Centre, 6th Floor, Centre 1 Bldg., World Trade Centre Complex, Cuffe Parade, Mumbai - 400 005. Phone: 22174040, Fax : 22184222

Website : www.iba.org.in

UNQUOTE

Indian Bank Holidays 2010 – Delhi(NCT)

Indian Bank Holidays 2010 – Delhi(NCT)

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.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian  Bank Holidays for the Year 2010 – Delhi(NCT)

As declared by the Government of Delhi(NCT)

 QUOTE

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2066

November 19, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

 in the National Capital Territory of Delhi

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the National Capital Territory of Delhi  for the Year 2010.

We have to clarify 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.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

                                                                                                          

UNQUOTE

New RTGS Timings on Saturdays

New RTGS Timings on Saturdays

In January 2009, Reserve Bank of India, extended the timings for RTGS Transactions.
Continuing this tradition, Reserve Bank of India, has further modified the RTGS timings for Saturdays w.e.f 11/12/2009.


         Existing                                                       New
 Saturday RTGS Timings                  Saturday RTGS Timings
Customer        12.30pm                            Customer    1.30pm

Inter-Bank          2.30pm                          Inter-Bank    3.00pm

   
The RTGS Customers timings have been extended by an hour. Folks may say, what is the use of extension of timings, as most of the Bank Branches function only for half-day on Saturdays and majority of the Bank Branches close by 12.30pm.

But through Internet Banking, the transactions can be executed by the customers themselves. So, the extended timings are a benefit only. Initially the volumes in the extended hour might be low, but once the customers get used to the new timings, the volumes will surely increase.

This is a precursor to new timings on Weekdays too, which might be announced in the next couple of months.