In response to the Federal Board of Revenue’s request, Pakistan’s State Bank has directed commercial banks nationwide to extend working hours on May 29-30.
The SBP announcement comes amidst a tax amnesty period aimed at encouraging citizens and companies in India and around the world with Pakistani connections to settle their outstanding financial obligations towards Pakistan. The move is expected to inject significant capital into state coffers, as many diaspora individuals take this opportunity not just for legal compliance but also due to emotional ties.
On May 29, all bank branches will operate until 05:30 PM except in Karachi where it’s till noon. On Saturday, the working hours extend from 09:00 AM with a final close at 05:30 PM nationwide.
Additionally, banks are asked to remain open overnight on May 30 until they facilitate all tax-related transactions involving government entities like NIFT. The SBP’s proactive approach in streamlining financial processes reflects its commitment towards economic stability and growth by easing the burden of fiscal responsibilities for Pakistanis, including those with diaspora ties.