Is Public Holiday for the Inauguration of the Ayodhya Ram Mandir Applicable to Private Sector 

A number of state governments have proclaimed holiday for their employees on January 22, 2024 to allow then to take part in the celebrations for the inauguration of the Ayodhya Ram Mandir. Further, the Central Government has announced half-day for all Central Government offices, Central institutions. This means that public sector banks will be closed for half-day. Further, all banks in some states will be closed for the full day.According to the PIB release dated January 18, "The order says, the Ram Lalla Pran Pratishtha at Ayodhya will be celebrated on 22nd January, 2024 across India. To enable employees to participate in the celebrations, it has been decided that all Central Government Offices, Central Institutions and Central Industrial Establishments throughout India will be closed for half day till 1430 hours on 22nd January, 2024. It is also advised that all Ministries/Departments of Government of India may bring ..

The following states have officially declared January 22 as a public holiday.

1. Uttar Pradesh: Uttar Pradesh is preparing for a huge celebration on January 22, when all government offices and educational institutions will be closed.
2. Goa: Goa is celebrating the event by declaring January 22 to be a public holiday. Chief Minister Pramod Sawant has ordered the closure of government buildings and schools.
3. Madhya Pradesh: Chief Minister Mohan Yadav of Madhya Pradesh is leading the festive wave, declaring January 22 a public holiday for all government offices and
4. Assam: In Assam, state government offices and educational institutions will be closed until 2:30 PM on January 22.
5. Maharashtra: The Maharashtra government has declared a public holiday on January 22 on the occasion of Ram temple inauguration at Ayodhya.

The declaration of a holiday by the government under the Negotiable Instruments Act of 1881 will not be compulsory or mandatory to private companies falling under the Factories Act of 1948 and the State Shop and Establishment Act. It will be applicable to Banks and Financial Institutions and respective Governments departments only by which such notifications are issued.  If any company wants to give paid holiday then there is no law restricts to give such holiday

The object of the Negotiable Instruments Act, 1881 is only to define and amend the law relating to promissory notes, bills of exchange and cheques. Section 2(22) of the Negotiable Instruments Act, 1881, defines “Maturity” as follows:-

“The maturity of a promissory note or bill of exchange is the date at which it falls due.”

Section 25 of the Negotiable Instruments Act, 1881, deals with a situation when the day of maturity is a holiday by stating that 

“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”

It means “public holiday” includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.

A combined reading of preamble, Section 2(22), 24 and 25 of the Negotiable Instruments Act, 1881, would reveal that the power of the Government to declare public holiday under the Negotiable Instruments Act, 1881, is applicable only to Government Sector, Banks and Financial Institutions. The Negotiable Instruments Act, 1881 have no application to a private industry. 

Refer - ara and Others versus Director, Social Welfare and Others [(1998) 8 SCC 671], the Hon'ble Supreme Court

Also refer :- The Management Of versus The Presiding Officer on 4 October, 2019 by the Hon'ble Madras High Court which was contended that on the demise of the former President of India, Dr.A.P.J. Abdul Kalam on 27.07.2015.