Banks to open on 29, 30 June for tax collection

Karachi: Designated bank branches across the country will open on Saturday June 29 and Sunday June 30, 2024 to facilitate the taxpayers in payment of Government duties and taxes.

The State Bank of Pakistan, in a statement issued here, informed that all the banks were asked to keep their relevant branches open as per given schedule to facilitate tax payment through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities on 28th, 29th and 30th June, 2024.

On Friday, June 28, 2024 all commercial banks remained open from 9:00 a.m. to 6:00 p.m. whereas on Saturday, June 29, 2024 all those branches of Banks that remain open on Saturdays will observe extended banking hours from 9:00 a.m. to 6:00 p.m.

On Sunday, June 30, 2024 all those branches of Banks that remain open on Saturdays will observe banking hours from 9:00 a.m. to 10:00 p.m.

During the mentioned days, NIFT shall collect instruments related to Government receipts and payments only, from bank’s counters at 6:00 p.m. on Friday and Saturday whereas at 10:00 p.m. on Sunday, the statement read.

These instruments will be cleared through Special Clearing on the next day of collection and NIFT will provide clearing fate by 01:00 p.m. on 29th, and 30th June 2024 and whereas 10:00 a.m. on 1st July 2024.

For the purpose of closing exercise of FY 2023-24 on July 1st 2024, SBP and PRISM will be operating in the value date 30th June 2024. Banks are advised to accordingly define 29th and 30th June, 2024 as working days in their systems to enable settlement of special clearing with aforesaid schedule.

To eliminate the issue of spillover of tax receipts SBP directed 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 aforesaid special clearing in the value date of 30th June, 2024.

Moreover, banks are advised to keep their concerned branches open on 28th, 29th and 30th June, 2024 till such time that is necessary to facilitate the special clearings for Government transactions by the NIFT.