The section says "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".
PTI
@moneycontrolcom
The central government has declared April 14, the birthday of Dr B R Ambedkar, as a closed holiday for all its offices, according to a Personnel Ministry order issued on April 8. The Centre has also notified the holiday under the Section 25 of the Negotiable Instruments Act, 1881, for banks.
The section says "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".
Thus, all Central government offices and banks will be closed for business on April 14.
In an order issued to all its departments, the ministry said, "It has been decided to declare Tuesday, the 14th April 2020, as a closed holiday on account of the birthday of Dr B R Ambedkar, for all central government offices, including industrial establishments throughout India".
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First Published on Apr 8, 2020 10:30 pm
