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Informist, Saturday, Sep 14, 2024

--RBI: FX, gilts, money market to be operational on Monday 

--RBI: No transactions, settlements in FX, gilts, money mkt on Wed 

--CONTEXT: Maharashtra govt shifts Id-e-Milad holiday to Wed from Mon 

--RBI: SDF, MSF scheduled for reversal Tue will now reverse on Mon 

--RBI: No change in FX, gilt, money mkt settlements, due on Tue 

MUMBAI – The government securities market, foreign exchange market, money market, and rupee interest rate derivatives market will now be operational on Monday and remain shut on Wednesday, the Reserve Bank of India said in a notification today. This comes against the backdrop of the government of Maharashtra shifting the public holiday for Id-e-Milad to Wednesday from Monday. 

There will be no change in the settlement of secondary market transactions in the government securities market, the foreign exchange market, the money market, and the rupee interest rate derivatives market that are due on Tuesday, the RBI said.

Moreover, the standing deposit facility and marginal standing facility which were availed on Friday and were scheduled to reverse on Tuesday will now reverse on Monday, according to the notification. Also, settlement of the auction of state government securities scheduled on Tuesday will now take place on Thursday instead of Wednesday, it said.

Earlier today, the Maharashtra government changed the Id-e-Milad holiday under the Negotiable Instruments Act, 1881, to Wednesday from Monday in order to maintain "peace and social harmony" between Hindu and Muslim communities.

Since there is the Hindu festival of Anant Chaturdashi on Tuesday, the public holiday of Id-e-Milad is being declared on Wednesday, instead of Monday, the government notification said.

As the RBI and the Securities and Exchange Board of India's headquarters are in Mumbai, the two regulators follow holidays declared under the Negotiable Instruments Act by the Maharashtra government.  End

Reported by Kabir Sharma

Edited by Deepshikha Bhardwaj

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