Banks to remain closed on May 1

F.P. Report

ISLAMABAD: The State Bank of Pakistan (SBP) and all commercial banks will remain closed for public dealing on May 1 — Labour Day, according to the central bank.

Taking to Twitter, the central bank said: “#SBP will remain closed on May 1, 2023 on the occasion of #LabourDay.”

Besides all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will also remain closed for public dealing on the aforementioned date.

The world celebrates Labour Day — also known as May Day — every year on May 1 to express solidarity with the labourers and honour the rights of the working class.

However, all authorised branches of banks will open on April 29 and 30, 2023 (Saturday and Sunday) and observe extended working hours to facilitate the collection of taxes.

State Bank of Pakistan (SBP), in a statement issued here on Wednesday, informed that on the request of Federal Board of Revenue (FBR) it has been decided that all those branches of banks that remain open on Saturday including authorised branches of National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC) shall remain open on April 29 and 30 in order to facilitate the taxpayers in payment of Government duties and taxes.

Such branches would also observe extended working hours till 06:00 p.m. to facilitate the collection of taxes through ADC’s Over-the-Counter (OTC) facility, it added.

For ensuring the same day clearing and settlement of payment instruments deposited at NBP’s authorised branches for customs collection the SBP directed National Institutional Facilitation Technologies (NIFT) to arrange special clearings at 01:00 p.m. on Saturday, April 29 and at 06:00 p.m. on Sunday, April 30 as well.

The central bank instructed all banks to keep their clearing-related branches open accordingly till such time that would be necessary to facilitate the special clearings by NIFT on April 29 and 30.