The State Bank of Pakistan (SBP) has issued special instructions for clearing of financial instruments. The SBP has already announced opening of bank's branches on July 02 and 09, 2016 (Saturdays) in order to facilitate general public. To facilitate customers and collection of financial instruments from bank's branches, it has decided that all banks will accept financial instruments from their customers on July 02 and 09, 2016 for normal clearing only and NIFT would be advised to collect/pick them from branches of commercial banks.
NIFT will process the financial instruments collected on June 30, 2016 and July 02, 2016 in normal clearing cycle of July 04, 2016. Once the instruments are cleared, the banks are required to credit respective customer accounts on July 04, 2016. The financial instruments collected/picked by NIFT on July 04 and 09, 2016 would be processed by NIFT in normal clearing cycle of July 11, 2016. However, SBP said that no same day clearing would be processed on July 02 and 09, 2016.
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