S​BP directs banks to extend hours to facilitate taxpayers

WEB DESK: The State Bank of Pakistan (SBP) has issued a circular aimed at facilitating taxpayers by extending banking hours and enhancing service availability through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities.

Effective June 28-30, 2024, all banks will adhere to revised operational timings as outlined in the circular.

On Friday, June 28, 2024, all commercial banks will operate from 9:00 am to 6:00 pm. Similarly, on Saturday, June 29, 2024, branches that normally open on Saturdays will observe banking hours from 9:00 am to 6:00 pm.

The following day, Sunday, June 30, 2024, these designated branches will extend their hours from 9:00 am to 10:00 pm.

During these three days, the National Institutional Facilitation Technologies (NIFT) will collect instruments related to Government receipts and payments exclusively from bank counters at 6:00 pm on Friday and Saturday, and at 10:00 pm on Sunday.

These instruments will undergo clearance through Special Clearing the following day, with NIFT providing clearing updates by 1:00 pm on June 29 and 30, 2024, and by 10:00 am on July 01, 2024.

In preparation for the fiscal year 2023-24 closing exercise on July 01, 2024, the SBP and PRISM will operate with the value date of June 30, 2024. Banks are instructed to adjust their systems to recognize June 29 and 30, 2024, as working days to facilitate settlement within the specified clearing schedule.

To prevent delays in processing tax receipts, banks are mandated to ensure that all government-related instruments lodged during the stipulated hours are promptly submitted for special clearing with the value date of June 30, 2024.

Furthermore, banks are urged by the SBP to keep their respective branches open on June 28-30, 2024, for as long as necessary to facilitate seamless processing of Government transactions through NIFT’s special clearings.

This initiative aims to streamline tax payment processes and enhance service accessibility for taxpayers across Pakistan.

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Web Desk