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The State Bank of Pakistan (SBP) has declared a nationwide bank holiday on July 1, 2024 (Monday), as per a press release issued on Friday.
This holiday applies to SBP offices, public and private sector banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs), which will be closed for public transactions on this date. However, employees of these institutions are expected to report to work as usual.
This bank holiday coincides with the regular weekend off, resulting in a three-day hiatus from public dealings. Normal operations for public transactions will resume on July 2, 2024 (Tuesday).
This temporary closure aims to facilitate administrative and operational adjustments necessary for the commencement of the new fiscal year across the banking sector.
Meanwhile, the Federal Board of Revenue (FBR) has intensified efforts to meet its annual tax target for the financial year 2023-24 by issuing a directive to ensure the collection of duties and taxes.
In a letter dispatched to all concerned offices, the FBR has mandated extended working hours for the final days of June.
The directive includes specific instructions for chief commissioners of land revenue to coordinate closely with the State Bank of Pakistan to facilitate this process.