SBP extends bank hours for tax collection on March 30-31

The State Bank of Pakistan (SBP) has decided that all banks will extend their working hours on Saturday, March 30, and Sunday, March 31, 2024, to facilitate taxpayers in paying government duties and taxes. 

According to a press release issued by the SBP, branches of all banks that remain open on Saturday shall observe extended banking hours till 4:00 pm on Saturday March 30, 2024 and Sunday March 31, 2024 for collection of taxes through Alternate Delivery Channels (ADC’s) Over-the-Counter facilities. 

Further, 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, 2024 and March 31, 2024. 

To eliminate the issue of spillover of tax receipts, banks shall 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 31st March, 2024, the SBP said. 

Moreover, banks are advised to keep their concerned branches open on both days till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.