GK
RTI ACT 2005
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Central Govt. holiday
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Local Govt. holiday
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Holiday granted by a collector of a district
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Bank holiday declared under the Act
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Detailed explanation-1: -A bank holiday in India is a public holiday which is declared specially for banks and other financial institutions. Not all public holidays are classified as bank holidays-bank holidays are declared by Central/State Governments/ Union Territory under the Negotiable Instruments (NI) Act, 1881.
Detailed explanation-2: -Hence the declaration of holidays is made by the appropreate government in excercise of power conferred by the explanation to section 25 of the Negotiable Instruments Act. In fact, holidays declared under the NI Act is meant for financial institutions and not for factories and other establishments.
Detailed explanation-3: -Labour and Employment Act 1972 – Section 2 of the Labour andEmployment Act 1972, at the definition of “public holiday” is amended by substituting “Shops Ordinance 1961” with “Public Holidays Act 2008”.
Detailed explanation-4: -A bank holiday is a business day during which financial institutions are closed. Bank holidays are most relevant for physical branch locations because many online banking services continue to operate.