Ram Temple Ayodhya: Money Market, Forex Market To Remain Closed On January 22

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posted on 10 months ago — updated on 1 second ago

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Ram Temple Consecration Ceremony: In a statement issued earlier on Friday, the RBI had announced the trading hours for the day for the various markets regulated by it

As the Maharashtra government has declared January 22, 2024, as a public holiday, the Reserve Bank of India (RBI) on Friday said there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets, and rupee interest rate derivatives on January 22.

The decision has been taken concerning the Ram temple consecration ceremony in Ayodhya. The pran pratishtha ceremony will take place between 12:15 pm and 12:45 pm on January 22.

“Government of Maharashtra has declared January 22, 2024 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. Accordingly, and in modification of the press release 2023-2024/1710 issued earlier today on “Market Trading Hours on January 22, 2024”, there will be no transactions and settlements in Government securities (primary and secondary), foreign exchange, money markets and Rupee Interest Rate Derivatives on January 22, 2024 (Monday). Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23, 2024 (Tuesday),” the RBI said in a statement.

In a statement issued earlier on Friday, the RBI had announced the trading hours for the day for the various markets regulated by it, between 2:30 pm and 5:00 pm on Monday. However, after the Maharashtra government’s decision of holiday on January 22, the RBI has also decided to shut money, forex and rupee interest rate derivates markets.

The finance ministry on Thursday issued an order, in which it stated that public sector banks, insurance companies, financial institutions, and regional rural banks will remain closed for a half-day on January 22. The decision has been taken concerning the Ram temple consecration ceremony in Ayodhya.

Earlier, the Department of Personnel and Training issued an order in which it stated that all central government offices, central institutions, and central industrial establishments nationwide will observe a half-day closure on the day of the Ram temple inauguration ceremony.