Collection of govt receipts: Bank branches to remain open on 30th, 31st

KARACHI: The State Bank of Pakistan (SBP) has announced opening of branches for collection of government receipts, duties and taxes on 30th and 31st March 2024.

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 banking hours till 4:00 p.m. on Saturday the 30th March, 2024 and Sunday the 31st March, 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 4:00 p.m. on Saturday the 30th March, 2024 and Sunday the 31st March, 2024. To eliminate the issue of spill over 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.

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

Copyright Business Recorder, 2024