Tax collection: Are banks open this weekend?

The State Bank of Pakistan (SBP) Friday announced that the "branches of all banks" are to remain open and observe extended working hours on the weekend for tax collection through alternate delivery channels and over-the-counter facilities.

The banks, as per the SBP's press release, will remain operational till 5pm and 8pm on December 30( Saturday) and December 31 (Sunday), respectively.

Also, the National Institutional Facilitation Technologies (NIFT) — to ensure same-day clearing/ settlement of payment instruments — has been advised by the SBP to arrange special clearings at 3pm and 5pm on Saturday and Sunday, respectively.

Furthermore, the banks — in a move aimed at eliminating the issue of spillover of tax receipts — have been directed to 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.

Meanwhile, banks are also advised to keep their relevant branches open on the weekend "till such time that is necessary to facilitate the special clearings for Government transactions by the NIFT".