KARACHI: State Bank of Pakistan (SBP) on Friday announced that banks will observed extended working hours to facilitate taxpayers in payment of duty and taxes on December 31, 2019.

In order to facilitate the collection of government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) as well as field offices of SBP Banking Services Corporation (SBP-BSC) will observe extended banking hours up to 9:00 PM on December 31, 2019 (Tuesday).

Accordingly, NBP branches will settle their transactions with respective SBP-BSC field offices on the same day i.e. December 31, 2019 for which purpose a special clearing has been arranged at 7:00 P.M. by the NIFT.

All banks are, therefore, advised to keep their concerned branches open on December 31, 2019 (Tuesday) till such time that is necessary to facilitate the special clearing for Government transactions, the SBP said.

The extended banking hours were intended to help taxpayers meet year-end tax payment deadlines without unnecessary delays. Such arrangements also support the government’s revenue collection process by ensuring timely settlement of tax receipts through the banking system before the close of the calendar year. The initiative also reduced last-day congestion at bank branches and facilitated smoother processing of government transactions across the country.