Banks to follow specific hours for clearing, settlement of tax receipts

June 25, 2023 (MLN): Federal Board of Revenue (FBR) has instructed banks to observe specific banking hours and ensure the efficient clearing and settlement of tax receipts on June 27, 28, and 30, 2023.

On Tuesday, June 27, 2023, all banks and State Bank of Pakistan (SBP) BSC field offices will remain open from 9:00am to 8:00pm.

On Wednesday, June 28, 2023, all those branches of Banks that remain open on Saturdays will remain open from 9:00am to 2:00pm. Specifically, these branches will provide services for same-day clearing, allowing taxpayers to fulfill their obligations conveniently.

In addition, the National Bank of Pakistan (NBP) Custom House Branch will remain open on Friday, June 30, 2023, from 9:00am to 5:30pm.

This special opening is designated for clearing activities scheduled for July 03, 2023, at 9:00am. The value date for these activities will be set as June 30, 2023.

To facilitate the closing exercise for the fiscal year 2022-23, scheduled for July 03, 2023, the State Bank of Pakistan's core banking system, along with the Pakistan Real-time Interbank Settlement Mechanism (PRISM), will operate using the value date of June 30, 2023.

Consequently, banks and M/s National Institutional Facilitation Technologies (NIFT) are required to configure their systems accordingly, treating June 30, 2023, as a working day.

This adjustment will enable the settlement of special clearings to be held on July 03, 2023, with the value date set as June 30, 2023.

These directives aim to streamline tax receipt processing and enhance the overall efficiency of the banking system during the specified dates.

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