📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Following the Banking Laws (Amendment) Act, 2025, the

      definition of “fortnight” in the Explanation to Section 18 now means which of the following periods?
      A The period from the first day to the fifteenth day of each calendar month, or the sixteenth day to the last day of each calendar month, both days inclusive Correct Answer Incorrect Answer
      B The seven-day period ending on each Friday of the calendar month Correct Answer Incorrect Answer
      C The period between two consecutive last Fridays of a calendar month Correct Answer Incorrect Answer
      D Any fourteen-day period beginning on a Monday Correct Answer Incorrect Answer
      E The period from the first to the fourteenth day, or fifteenth to the twenty-eighth day, of each month Correct Answer Incorrect Answer

      Solution

      The Banking Laws (Amendment) Act, 2025 (Act 16 of 2025), by Section 6, substituted clause (b) of the Explanation to Section 18 with effect from 15 December 2025, redefining “fortnight” to mean the period from the first day to the fifteenth day of each calendar month, or the sixteenth day to the last day of each calendar month, both days inclusive. This replaced the earlier Friday-based reckoning. The amendment harmonises reporting and reserve-maintenance reference dates across calendar fortnights rather than the rolling Friday system. Correspondingly, several reporting reference points in Sections 18, 24 and 27 were shifted from “Friday”-based dates to fixed calendar-day dates.

      Practice Next
      More Banking Related Laws Questions
      ask-question