To facilitate the taxpayers in payment of government duties and taxes, the State Bank of Pakistan (SBP) has decided that branches of all banks that are open on Saturday will observe extended working hours on Saturday and Sunday for collection of taxes through Alternate Delivery Channels and Over-the-Counter facilities.
The central bank said that all banks that are open on Saturday will observe extended working hours till 5:00 pm on Saturday and till 8:00 pm on Sunday.
Further, to ensure same-day clearing/settlement of payment instruments, NIFT has been advised to arrange special clearings at 3:00 pm on Saturday (30th December) and at 5:00 pm on Sunday (31st December).
The central bank further said that to eliminate the issue of spillover of tax receipts, banks will ensure that no instrument concerning government receipts, lodged during the aforementioned office hours, remain unattended at branch counters and must be lodged in the aforesaid special clearing in the value date of December 31, 2023.
Moreover, banks are advised to keep their concerned branches open on the 30th and 31st of December till such time that is necessary to facilitate the special clearings for Government transactions by the NIFT.
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