Banks will extend their working hours over the weekend

Here’s a simplified version of the announcement regarding banking hours and operations for 28th, 29th, and 30th June 2024 To facilitate taxpayers in paying government duties and taxes through Alternate Delivery Channels (ADCs) and Over-the-Counter facilities, all commercial banks will follow special banking hours:

• Friday, June 28, 2024: Banks will be open from 9:00 a.m. to 6:00 p.m.
• Saturday, June 29, 2024: Banks open on Saturdays will operate from 9:00 a.m. to 6:00 p.m.
• Sunday, June 30, 2024: Banks open on Saturdays will operate from 9:00 a.m. to 10:00 p.m.

During these days, NIFT will collect instruments related to government receipts and payments from bank counters:

• Collection will be at 6:00 p.m. on Friday and Saturday, and at 10:00 p.m. on Sunday.
• These instruments will be cleared through Special Clearing the next day.
• Clearing results will be provided by NIFT by 1:00 p.m. on 29th and 30th June 2024, and by 10:00 a.m. on 1st July 2024.

Read More: Zafar Masud Chosen As Pakistan Banks’ Association Chairman

For the financial year closing exercise on 1st July 2024, SBP and PRISM will operate with the value date of 30th June 2024.

• Banks should treat 29th and 30th June 2024 as working days in their systems to facilitate special clearing settlements.

To ensure no delay in tax receipts, banks must ensure all government-related instruments received during office hours are promptly lodged for special clearing by the value date of 30th June 2024. Banks are advised to keep their branches open as necessary to facilitate these special clearings for government transactions by NIFT on 28th, 29th, and 30th June 2024.