Banks to remain open on June 29-30 to facilitate the taxpayers

June 28, 2024 (MLN): To facilitate the taxpayers in payment of Government duties / taxes through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities, it has been decided that all banks will observe the following banking hours on June 28-30, 2024, said a circular issued by the SBP.

On Friday, June 28, 2024, all commercial banks will remain open from 9:00am to 6:00pm whereas on Saturday, June 29, 2024 all those branches of Banks that remain open on Saturdays will observe banking hours from 9:00am to 6:00pm

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

During these three days, NIFT shall collect instruments related to Government receipts and payments only, from bank’s counters at 6:00pm on Friday and Saturday whereas at 10:00pm on Sunday.

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 June 29 and 30, 2024 and whereas 10:00am on July 01, 2024.

For the purpose of closing exercise of FY 2023-24 on July 01, 2024, SBP and PRISM will be operating in the value date June 30, 2024.

"Banks are advised to accordingly define June 29 and 30, 2024 as working days in their systems to enable settlement of special clearing with aforesaid schedule," the notification reads.

To eliminate the issue of spillover of tax receipts, banks will 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 June 30, 2024.

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

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