Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have declared January 22, 2024, as a trading holiday. This decision aligns with the Reserve Bank of India’s (RBI) declaration of a public holiday under the Negotiable Instruments Act, of 1881. The BSE specified that the holiday would extend to Currency Derivatives, NDS-RST, and Tri-Party Repo markets as well.
What else to know? The RBI confirms that it will close the Indian money markets, including transactions in government securities, foreign exchange, money markets, and rupee interest rate derivatives, on this date.
As a result, the RBI will postpone the settlement of all outstanding transactions to the next working day, January 23. Furthermore, the RBI will also shift the reversal of the three-day variable rate repo (VRR) auction, initially conducted by them, to January 23.
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What’s the holiday for? This nationwide holiday is in honour of the grand ‘pran prathishtha’ ceremony at the Ram Temple in Ayodhya, a significant event attracting attention across several Indian states.
Uttar Pradesh, Madhya Pradesh, Goa, Chhattisgarh, and Haryana declare January 22 as a public holiday, making elaborate arrangements for the ceremony under the leadership of renowned priests, including Lakshmikant Dixit.
In Uttar Pradesh, authorities will close educational institutions and keep liquor shops shut. Madhya Pradesh’s Chief Minister Mohan Yadav has announced a school holiday and declared the day as a dry day, with Goa, Chhattisgarh, and Haryana also observing a holiday for government employees and schools.
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