Exclusion of the first day in statutory time computation made the registration application timely and the rejection unsustainable.

In computing the prescribed period for an application under Section 45-IA of the Reserve Bank of India Act, 1934, the first day must be excluded under Section 9 of the General Clauses Act, 1897. Applying that rule, an application submitted on 8-7-1997 was within time, so the rejection based on a contrary computation of limitation could not stand. The registration application was therefore held to be in time, the impugned communication was set aside, and the respondents were directed to receive and consider the application in accordance with law.

---

---

Issues: Whether the petitioners' application for registration under Section 45-IA of the Reserve Bank of India Act, 1934 was within time by applying Section 9 of the General Clauses Act, 1897 for exclusion of the first day in computing the prescribed period.

Analysis: Section 9 of the General Clauses Act, 1897 requires exclusion of the first day when a period of time is to be computed from a specified date. The application was submitted on 8-7-1997, and once the first day is excluded, the filing fell within the statutory period. The communication rejecting the application proceeded on an incorrect computation of time and could not stand in the light of the settled rule of computation.

Conclusion: The application was in time and the rejection of the registration application was unsustainable.

Final Conclusion: The writ petition succeeded, the impugned communication was set aside, and the respondents were directed to receive and consider the application in accordance with law.

Ratio Decidendi: In computing a statutory period from a specified date, the first day is excluded under Section 9 of the General Clauses Act, 1897.

---