In my opinion, the circular attached by Shreekanth has been declared under the Negotiable Instruments Act and is applicable only to institutions dealing with Negotiable Instruments, such as Banks and Registrar Offices. The circular has also been extended to Central Government Offices and Public Sector undertakings.
If your company is a private company, then this circular need not be considered, and you can still work or declare it as a holiday without pay if your company wishes.
Trust the matter is clear.
Regards,
M.V. KANNAN