Question
Under the Explanation to Section 42 of the RBI Act,
1934, the term 'fortnight' means the period from which day to which day, both days inclusive?Solution
The Explanation to Section 42 defines 'fortnight' as the period from Saturday to the second following Friday, both days inclusive. Fortnight' means the period from the first day to the fifteenth day of each month, or from the sixteenth day to the last day of each month, both days inclusive, as amended by the Banking Laws (Amendment) Act, 2025. This definition was substituted by Act 1 of 1984 with effect from 29-3-1985, replacing the earlier reference to a 'week'. 'Average daily balance' means the average of balances held at the close of business of each day of a fortnight. Hence a fortnight runs from Saturday to the second following Friday.
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