SBP Announces Extended Weekend Hours for Tax Collection
— June 29, 2024
KARACHI (AIA) The State Bank of Pakistan (SBP) has announced the special arrangements for the collection of government receipts, taxes, and duties on June 29 and 30, 2024.
To facilitate taxpayers in payment of government duties and taxes through Alternate Delivery Channels (ADCs) and over-the-counter facilities, it has been decided that all banks shall observe special banking hours on June 29 and 30, 2024.
On Saturday, June 29, 2024, all those branches of banks that remain open on Saturdays will work from 9 a.m. to 6 p.m. On Sunday, June 30, 2024, these branches of banks will work from 9 a.m. to 10 p.m.
On the weekend, National Institutional Facilitation Technologies (NIFT) will collect instruments related to government receipts and payments only from banks’ counters at 6 p.m. on Saturday and at 10 p.m. on Sunday. These instruments will be cleared through special clearance the following day. NIFT will provide clearing fate by 1 p.m. on June 29 and 30, 2024, and 10 a.m. on July 1, 2024. For the purpose of closing the exercise of FY 2023–24 on July 1, 2024.
The SBP and Pakistan Real-Time Interbank Settlement Mechanism (PRISM) will be operating under the value date of June 30, 2024. Banks are advised to treat June 29 and 30, 2024, as working days in their systems to enable the settlement of special clearings as per the specified schedule.
To eliminate the issue of spillover of tax receipts, banks will ensure that no instrument concerning government receipts lodged during the aforementioned office hours remains unattended at branch counters. All such instruments must be lodged in the aforementioned special clearing with a value date of June 30, 2024, according to the SBP.
Moreover, banks are advised to keep their relevant branches open on June 28, 29, and 30, 2024, for as long as necessary to facilitate the special clearings for government transactions by the NIFT.