The State Bank of Pakistan (SBP) Friday ordered banks to stay open on the weekend for the collection of “taxes through alternate delivery channels and over-the-counter facilities” in an effort to aid the general public.
In an official announcement, the SBP stated, “It has been decided that branches of all banks that are open on Saturday shall observe extended working hours on Saturday and Sunday.”
On December 30 (Saturday), the banks will be open until 5 p.m.; on December 31 (Sunday), they will be open until 8 p.m.
Additionally, the SBP has “advised” the National Institutional Facilitation Technologies (NIFT) to set up special clearings at 3 and 5 p.m. on Saturday and Sunday, respectively, in order to guarantee same-day clearing and settlement of payment instruments.
In addition, the banks have been instructed to make sure that no government receipt-related document filed during the previously mentioned office hours is left unattended at branch counters. This is in an effort to resolve the issue of tax receipt spillover. The document must be filed in the aforementioned special clearing by December 31, 2023.
It is also recommended that banks maintain weekend hours for their relevant branches “until such time that is necessary to facilitate the special clearings for Government transactions by the NIFT.”
