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Please Find Another Annexure With This Mail Which Declares THE "Bank Holidays 2011 in Maharashtra State"

The Negotiable Instruments Act deals with promissory notes, bills of exchange, and cheques. Section 25 of the Act states that if a negotiable instrument's due date falls on a holiday, it is extended to the next working day. As some financial institutions work on Sundays, holidays for them must be declared in advance so due dates are properly extended. Therefore, holidays are declared under section 25 of the NI Act by the government. These holidays only apply to financial institutions, not factories or other establishments, which have separate holiday rules under different laws. The notification provides a list of bank holidays for 2011 in Maharashtra state under the Negotiable Instruments Act.

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51 views1 page

Please Find Another Annexure With This Mail Which Declares THE "Bank Holidays 2011 in Maharashtra State"

The Negotiable Instruments Act deals with promissory notes, bills of exchange, and cheques. Section 25 of the Act states that if a negotiable instrument's due date falls on a holiday, it is extended to the next working day. As some financial institutions work on Sundays, holidays for them must be declared in advance so due dates are properly extended. Therefore, holidays are declared under section 25 of the NI Act by the government. These holidays only apply to financial institutions, not factories or other establishments, which have separate holiday rules under different laws. The notification provides a list of bank holidays for 2011 in Maharashtra state under the Negotiable Instruments Act.

Uploaded by

kingshukb
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IMPORTANCE OF NI ACT FOR HR MANAGERS

The Negotiable Instruments Act, 1881, primarily deals with Promissory Notes, Bills
of Exchange and Cheques. The Act by itself has nothing to do with holidays or
declaration of holidays but it is to be done by official announcement by the
government.

As per section 25 of the Act, if the due date of maturity of any negotiable
instrument falls on a holiday the same has to be extended to the next working day.
Whereas some financial institutions (which deal with such negotiable instruments
like Banks) work on Sundays it becomes essential to declare well in advance which
are the holidays on which the financial institutions will remain closed (and
accordingly the due date of instruments will be extended). Therefore, declaration
of holidays has to be looked in conjunction with section 25 of the NI Act.
Hence the declaration of holidays is made by the appropriate government in
exercise of power conferred by the explanation to section 25 of the
Negotiable Instruments Act.

In fact, holidays declared under the NI Act are meant for financial institutions
and not for factories and other establishments.

For factories and other establishments the state's Industrial Establishments


(National and Festival Holidays) Act will be applicable. As such, there will be three
mandatory national holidays such as Jan 26th, August 15th and October 2nd. (in
some state May 1st is also a National holiday) and some 9 or 10 festival holidays
which the respective establishment can decide.

The holidays under the Negotiable instrument Act 1881 differs from state to
state.

PLEASE FIND ANOTHER ANNEXURE WITH THIS MAIL WHICH DECLARES


THE “Bank Holidays 2011 in Maharashtra State”

Government of Maharashtra, General Administration Department, vide Notification


dated October 4, 2010 has declared "Public Holidays 2011" under the
Negotiable Instruments Act"

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