Karachi, June 28, 2024 – The State Bank of Pakistan (SBP) announced on Friday the bank timings for the collection of duty and tax during the last three days of the fiscal year 2024-25.
To facilitate taxpayers in the payment of government duties and taxes through Alternate Delivery Channels (ADCs) and over-the-counter facilities, all banks will observe extended banking hours on June 28th, 29th, and 30th, 2024.
According to the SBP, on Friday, June 28, 2024, all commercial banks will remain open from 9:00 a.m. to 6:00 p.m. On Saturday, June 29, 2024, branches that typically operate on Saturdays will observe the same hours, from 9:00 a.m. to 6:00 p.m. On Sunday, June 30, 2024, these branches will further extend their hours from 9:00 a.m. to 10:00 p.m.
During these three days, the SBP said that the National Institutional Facilitation Technologies (NIFT) will collect instruments related to government receipts and payments from bank counters at 6:00 p.m. on Friday and Saturday, and at 10:00 p.m. on Sunday. These instruments will be processed through Special Clearing the following day. NIFT will provide the clearing fate by 1:00 p.m. on June 29th and 30th, and by 10:00 a.m. on July 1st, 2024.
For the purpose of the FY 2023-24 closing exercise on July 1st, 2024, the SBP and Pakistan Real-time Interbank Settlement Mechanism (PRISM) will operate under the value date of June 30, 2024. Banks are advised to treat June 29th and 30th as working days in their systems to enable the settlement of special clearings as per the specified schedule.
To eliminate the issue of spillover of tax receipts, banks must ensure that no instrument related to government receipts, lodged during the specified office hours, remains unattended at branch counters. All such instruments must be processed in the special clearing with the value date of June 30, 2024, the SBP added.
Additionally, the SBP has instructed banks to keep their relevant branches open on June 28th, 29th, and 30th, 2024, as long as necessary to facilitate the special clearings for government transactions handled by NIFT.
These measures aim to ensure a smooth and efficient process for the collection of government duties and taxes at the close of the fiscal year. The extended hours and special clearings are intended to provide taxpayers with ample opportunity to meet their fiscal obligations and to avoid any delays or complications in the closing of the fiscal year.
The SBP’s directive reflects its commitment to maintaining fiscal discipline and supporting the government’s revenue collection efforts as the country transitions into the new fiscal year.