Public holiday on September 18, 2024: The Reserve Bank of India (RBI) has announced that there will be no trading activities in various financial markets, including government securities, foreign exchange, money markets, and rupee interest rate derivatives, on September 18, 2024.
This decision comes after the government of Maharashtra declared the day as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881.
In a press release dated September 14, 2024, RBI has said, “Accordingly, there will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18, 2024. Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will get postponed to the next working day, i.e., September 19, 2024 (Thursday).”
The RBI also mentioned that the previously declared public holiday on September 16, 2024, has been cancelled. This change comes after the Maharashtra government shifted the Eid-e-Milad holiday from September 16, 2024, to September 18, 2024.
The central bank further clarifies, “The Government securities market, foreign exchange market, money market and rupee interest rate derivatives market will now be operational on September 16, 2024 (Monday). The settlement of secondary market transactions in Government securities, foreign exchange market, money market and rupee interest rate derivatives market which are due on September 17, 2024, will continue to be on the same day, i.e., September 17, 2024 (Tuesday).”
Regarding the settlement of government securities auctions, RBI states, “Settlement of the auction of Government of India Dated Securities conducted on September 13, 2024 (Friday) will take place on September 17, 2024 (Tuesday) as announced earlier. Settlement of the auction of State Government securities scheduled on September 17, 2024 (Tuesday) will now take place on September 19, 2024 (Thursday) instead of September 18, 2024 (Wednesday).”
The RBI also provided information about the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) under the Liquidity Adjustment Facility (LAF). The facilities availed on September 13, 2024 (Friday) and scheduled to reverse on September 17, 2024 (Tuesday) will now reverse on September 16, 2024 (Monday). The SDF and MSF windows under the LAF will remain available as usual on all days, following the existing guidelines.
This decision comes after the government of Maharashtra declared the day as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881.
In a press release dated September 14, 2024, RBI has said, “Accordingly, there will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18, 2024. Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will get postponed to the next working day, i.e., September 19, 2024 (Thursday).”
The RBI also mentioned that the previously declared public holiday on September 16, 2024, has been cancelled. This change comes after the Maharashtra government shifted the Eid-e-Milad holiday from September 16, 2024, to September 18, 2024.
The central bank further clarifies, “The Government securities market, foreign exchange market, money market and rupee interest rate derivatives market will now be operational on September 16, 2024 (Monday). The settlement of secondary market transactions in Government securities, foreign exchange market, money market and rupee interest rate derivatives market which are due on September 17, 2024, will continue to be on the same day, i.e., September 17, 2024 (Tuesday).”
Regarding the settlement of government securities auctions, RBI states, “Settlement of the auction of Government of India Dated Securities conducted on September 13, 2024 (Friday) will take place on September 17, 2024 (Tuesday) as announced earlier. Settlement of the auction of State Government securities scheduled on September 17, 2024 (Tuesday) will now take place on September 19, 2024 (Thursday) instead of September 18, 2024 (Wednesday).”
The RBI also provided information about the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) under the Liquidity Adjustment Facility (LAF). The facilities availed on September 13, 2024 (Friday) and scheduled to reverse on September 17, 2024 (Tuesday) will now reverse on September 16, 2024 (Monday). The SDF and MSF windows under the LAF will remain available as usual on all days, following the existing guidelines.