When day of maturity is a holiday
Full Text
When day of maturity is a holiday.—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.
Explanation.—The expression “public holiday” includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.
Plain English Summary
Provides that if a bill or note matures on a public holiday (including Sundays and government-declared holidays), it is due on the preceding business day.
Key Legal Elements
- Applies when the maturity date falls on a public holiday
- The instrument is deemed due on the next preceding business day
- Public holidays include Sundays and Central Government declared gazetted holidays
Practical Note
Very important commercial rule. Note that it states 'next PRECEDING business day', meaning the payment is due a day earlier (e.g., if it matures on Sunday, it is due on Saturday). If the preceding day is also a holiday, it goes back further.
हिंदी पाठ
जब परिपक्वता का दिन अवकाश हो।—जब वह दिन जिस दिन कोई वचन-पत्र या विनिमय-पत्र परिपक्व होता है, कोई लोक अवकाश (public holiday) हो, तो लिखत अगले पूर्ववर्ती कार्य दिवस (next preceding business day) पर देय माना जाएगा।
स्पष्टीकरण।—“लोक अवकाश” अभिव्यक्ति के अंतर्गत रविवार और कोई अन्य दिन शामिल है जिसे केंद्र सरकार ने राजपत्र (Official Gazette) में अधिसूचना द्वारा लोक अवकाश घोषित किया हो।