Extended bank hours for tax collection on March 30-31

MG News | March 28, 2024 at 04:40 PM GMT+05:00

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March 28, 2024 (MLN): To facilitate the taxpayers in payment of government duties / taxes, the central bank has decided that branches of all banks that are open on Saturday shall observe extended banking hours till 4:00pm 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 / settlement of payment instruments, NIFT has been advised to arrange special clearings at 4:00pm on Saturday the March 30, 2024 and Sunday the 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 March 31, 2024.

Moreover, banks are advised to keep their concerned branches open on March 30 and 31, 2024 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.

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