Indian Bank Holidays 2010 – Gujarat

Indian Bank Holidays 2010 – Gujarat 

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 – Gujarat

As declared by the Government of Gujarat

QUOTE

 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2174

December 1, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Gujarat

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 Gujarat 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 – West Bengal

Indian Bank Holidays 2010 – West Bengal   

 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 – West Bengal

As declared by the Government of West Bengal

 QUOTE

  

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2176

December 1, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of West Bengal

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 West Bengal 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 – Orissa

Indian Bank Holidays 2010 – Orissa 

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 – Orissa

As declared by the Government of Orissa

 QUOTE

 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2105

November 25, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Orissa

We enclose a copy of the Government Notification dated 11.11.2008(9) containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Orissa for the Year 2010.

In the said list, the Government of Orissa  has declared 31^st March 2010 instead of 1^st April 2010 as public holiday to enable the banks to close their annual accounts.  Accordingly, we have taken up the matter with the Government of Orissa with a request to issue an amended notification declaring Thursday,  the 1^st April 2010 as public holiday to enable banks to close their annual accounts.  On receipt of such notification, we shall advise member banks.

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,

(K Ganesan)

Vice President

Encl.

c.c.to:  Associate Members

UNQUOTE

Frequently Asked Questions(FAQ's) on Speed Clearing.

Frequently Asked Questions(FAQ's) on Speed Clearing.

Reserve Bank of India, has recently released the latest Frequently Asked Questions(FAQ's) on Speed Clearing.

The  Frequently Asked Questions(FAQ's), are comprehensive and simple to understand.

Hence, I will not attempt to re-invent the Wheel.

The Frequently Asked Questions(FAQ's) on Speed Clearing, can be accessed @
http://rbi.org.in/scripts/FAQView.aspx?Id=72

However, I wish to mention a few points, for faster realization of  your Cheques.

01) Ensure that the cheques issued in your favor are in the same style as the title of your bank account.
For eg: My name in my Bank Account is Nayakanti Prashant, hence, in all the cheques I take, I ensure that the Payee Name is written as  ''Nayakanti Prashant''.

02) Ensure that your bank account number is mentioned next to your name on the cheque.

This minimizes the chances of fraudulent alteration of the Payees name on the cheque, in case it is misplaced/lost

Eg: Pay  Nayakanti Prashant a/c 556010008350

Of course, the best way to receive funds in lieu of cheques are RTGS/NEFT. However, this might not be possible, when a Post-dated cheque is part of the transaction.

Revised BSE and NSE Timings- 04/01/2010-04th January 2010

Revised BSE and NSE Timings:

It is the norm that the trading for BSE and NSE should be similar. This is for operational convenience as well as to minimize arbitrage opportunities between the two Stock Exchanges.

On 15^th December, 2009, BSE took the decision to modify its trading timings from 9.45 am to 3.30pm. This took NSE by surprise, and NSE retaliated by announcing new NSE Trading timings, i.e from 9.00am, on 16^th December, 2009

However, today i.e 17^th December, 2009, both BSE and NSE patched up and announced common Trading Timings.

The Common Trading Timings are 9.00 am to 3.30pm, w.e.f 04^th January, 2010.

A common Press Release has been uploaded both the in BSE and NSE Website.

The Press Release can be accessed @

http://www.bseindia.com/cirbrief/pr171209.asp

This means all the market participants i.e Brokers, Stock Exchange Personnel, Banking Personnel, have two weeks to gear up for the new timings.

Initially, everyone connected to the Stock Exchanges, feel that the volumes will not improve due to the extension of the trading timings.

However, I beg to differ, the Volumes will surely increase. It is very simple, everyone luvs to make money fast.

Now the moot point is whether the RTGS timings need to be changed, in view of the commencement of trading timings from 9.00am.

The present RTGS Customer Session commences at 9.00am, and as the Stock Markets (BSE and NSE) started at 9.55am, the Banks had sufficient time, to be ready for the Stock Market RTGS transactions.

But, with the new Stock market timings (BSE and NSE) of 9.00am, it has to be seen, how Reserve Bank of India, will respond. I am sure Reserve Bank of India, view also has been factored, when deciding the 9.00am deadline.