In a move aimed at facilitating the masses, the State Bank of Pakistan (SBP) issued a directive on Friday which states that Banks on weekend will remain open for the collection of taxes. This decision is part of an effort to make it easier for people to fulfill their tax obligations.

According to the official statement from the SBP, all branches of banks that typically operate on Saturdays will now have extended working hours on both Saturday and Sunday. This measure is set to be in effect until the specified dates.

Specifically, banks will remain open until 5 pm on December 30 (Saturday). Additionally, on December 31 (Sunday), operational hours will be extended further, allowing banks to remain open until 8 pm. This extension is intended to provide taxpayers with more convenient opportunities to complete their tax transactions over the weekend.

Additionally, the State Bank of Pakistan (SBP) has recommended the National Institutional Facilitation Technologies (NIFT) to organize special clearings at 3 pm on Saturday and 5 pm on Sunday. This is to make sure that payments are processed and settled on the same day.

To address the concern of delayed processing of tax receipts, banks have been instructed by the SBP to handle all government-related payments received during the mentioned office hours. They are to ensure that no transaction is left unattended at branch counters and must be included in the special clearing scheduled for December 31, 2023.

In the meantime, banks are also advised to keep their relevant branches open over the weekend until it is necessary to facilitate the special clearings for government transactions by NIFT. This measure aims to streamline and expedite the handling of government-related financial matters.

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