Banks have been instructed to promptly submit all instruments related to government transactions during the specified office hours.
Banks to remain open on Saturday & Sunday for collection of taxes. In a move aimed at easing the process of tax payments, banks in Karachi have announced extended operating hours on Saturday, March 30th, and Sunday, March 31st, 2024. This initiative will allow taxpayers greater flexibility in fulfilling their government duties and tax obligations.
All bank branches open on Saturdays will remain operational until 4:00 p.m. on the specified dates, offering Over-the-Counter facilities for the collection of taxes through Alternate Delivery Channels (ADCs). This extended timeframe ensures that taxpayers have ample opportunity to complete their transactions conveniently.
To expedite the clearing and settlement of payment instruments, the National Institutional Facilitation Technologies (NIFT) has been directed to organize special clearings at 4:00 p.m. on both Saturday and Sunday. This measure aims to ensure that all tax receipts are processed on the same day, eliminating any delays or backlogs.
In a bid to prevent the accumulation of unprocessed government receipts, banks have been instructed to promptly submit all instruments related to government transactions during the specified office hours. These instruments will be included in the special clearing scheduled for March 31st, 2024.
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Furthermore, banks are committed to keeping their branches open for as long as necessary to facilitate the special clearings for government transactions by NIFT. This proactive approach underscores the banking sector’s dedication to providing efficient and seamless services to taxpayers.
