Banks to remain open on weekend for tax collection

In a move aimed at facilitating masses, the State Bank of Pakistan (SBP) Friday directed banks to remain open on the weekend for the collection of “taxes through alternate delivery channels and over-the-counter facilities”.

“It has been decided that branches of all banks that are open on Saturday shall observe extended working hours on Saturday and Sunday,” the SBP said in its official statement.

The banks will remain open till 5pm on December 30 (Saturday), whereas on December 31 (Sunday) the operational hours will be till 8pm.

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”.