Collection of govt receipts, taxes: Bank branches to remain open today, tomorrow

KARACHI: The State Bank of Pakistan (SBP) has announced opening of concerned branches of all banks for collection of government receipts/duties/taxes on 30th and 31st December 2023.

To facilitate the taxpayers in payment of government duties/taxes, it has been decided that branches of all banks that are open on Saturday shall observe extended working hours till 5:00pm on Saturday 30th December, 2023 and till 8:00pm on Sunday the 31st December, 2023 for collection of taxes through Alternate Delivery Channels and Over-the-Counter facilities.

Further, to ensure same day clearing/ settlement of payment instruments, NIFT has been advised to arrange special clearings at 3:00 p.m. on Saturday the 30th December, 2023 and at 5:00 p.m. on Sunday the 31st December, 2023.

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 December, 2023.

Moreover, banks are advised to keep their concerned branches open on 30th and 31st December, 2023 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.

Copyright Business Recorder, 2023