Daily Times

State Bank of Pakistan, Thursday, announced that banks will observe extended banking hours on Saturday March 30 and to open on Sunday March 31, 2024 to facilitate the taxpayers in payment of government duties and taxes. The SBP, in a statement issued here, said that the central bank has decided that branches of all banks that are open on Saturday shall observe extended banking hours till 4:00 pm on Saturday and Sunday for collection of taxes through Alternate Delivery Channels (ADC’s) Over-the-Counter facilities. To ensure same day clearing and settlement of payment instruments, NIFT has been advised to arrange special clearings at 4:00 pm on March 30 and 31, 2024, the SBP said adding that banks were also advised to keep their concerned branches open on March 30 and 31, 2024 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT. To eliminate the issue of spill-over of tax receipts, the central banks also directed the banks 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 special clearing in the value date of 31st March, 2024.