Pakistan Declares Bank Holiday on September 29

Pakistan Declares Bank Holiday on September 29

Karachi, September 26, 2023 – Pakistan has officially announced a bank holiday on September 29, 2023, in honor of Eid Milad-un-Nabi (Sallallahu Alayhi Wa-Sallam), a significant Islamic holiday that celebrates the birth of the Prophet Muhammad (Peace Be Upon Him).

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The State Bank of Pakistan (SBP) has issued a notification confirming that it will remain closed on Friday, September 29, 2023, which corresponds to the 12th Rabi-ul-Awal, 1445 A.H. This holiday is widely observed by Muslims in Pakistan and around the world.

Due to the bank holiday, all banking services and transactions are expected to be suspended on September 29. It is advisable for businesses and individuals to plan their financial activities accordingly to avoid any disruptions during this holiday period.

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It’s worth noting that the bank holiday may pose challenges for the Federal Board of Revenue (FBR), as the revenue collection body is striving to achieve its target for the first quarter of the fiscal year 2023-24. In response, the FBR has issued instructions to field formations to ensure that revenue collection for September is completed by the 28th of this month.

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