The State Bank of Pakistan has instructed all banks to keep their branches open on Saturday and Sunday with extended hours for tax collection. NIFT will facilitate special clearings on these days to ensure same-day clearing and settlement of payment instruments, aiming to eliminate spillover of tax receipts. This initiative is in effect on December 30-31, 2023.
KARACHI: The State Bank of Pakistan on Friday directed all banks to keep their branches open on Saturday and Sunday for collection of taxes, duties and other government receipts.
“The branches of all banks that are open on Saturday shall observe extended working hours till 5:00 p.m. Saturday, December 30, 2023 and till 8:00 p.m. on Sunday, December 31, 2023 for collection of taxes through alternate delivery channels and over-the-counter facilities,” an SBP press release said.
The central bank also advised NIFT to arrange special clearings at 3:00 p.m. on Saturday and at 5:00 p.m. on Sunday to ensure same day clearing and settlement of payment instruments.
“To eliminate the issue of spillover of tax receipts, banks shall 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,” the SBP said.
It further advised the banks to keep their branches concerned open on December 30 and 31 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.
Source: ARY NEWS
Keywords: Banks, State Bank of Pakistan, branches, taxes, duties, government receipts, extended working hours, NIFT, special clearings, payment instruments, December 30, December 31, 2023.
Summary:
Banks in Pakistan have been instructed by the State Bank of Pakistan to keep their branches open on Saturday and Sunday to facilitate the collection of taxes, duties, and other government receipts. The extended working hours will be until 5:00 p.m. on Saturday, December 30, 2023, and until 8:00 p.m. on Sunday, December 31, 2023. The National Institutional Facilitation Technologies (NIFT) will arrange special clearings to ensure same-day clearing and settlement of payment instruments. Banks are required to ensure that no government receipt instruments remain unattended and must be lodged in the special clearing on December 31, 2023.
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