Banks extend hours, clearings

KARACHI: The State Bank of Pakistan on Friday said bank branches will remain open on Saturday and Sunday to facilitate the taxpayers in payment of government duties and taxes.

“It has been decided that branches of all banks that are open on Saturday shall observe extended working hours till 5:00pm on Saturday 30th December, 2023 and till 8:00 pm on Sunday the 31st December, 2023 for collection of taxes through Alternate Delivery Channels and Over-the-Counter facilities,” the SBP said in a statement.

Further, to ensure same-day clearing/ settlement of payment instruments, National Institutional Facilitation Technologies (NIFT) has been advised to arrange special clearings at 3:00 p.m. on Saturday the 30th of December 2023, and at 5:00 p.m. on Sunday the 31st of December 2023, it added.

“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 31” December 2023,” it said.

“Moreover, banks are advised to keep their concerned branches open on 30th and 31" December 2023 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.”