In order to promote digital payment of government taxes and duties, SBP with effect from January 1, 2020, has eliminated the transaction fee for taxpayers using digital modes for payment of duties and taxes of federal and provincial governments. The banks were advised by the SBP that the taxpayers will not be charged the transaction fee on alternate delivery channels (ADCs) and such fees will be charged to and collected from SBP on monthly basis at the prescribed rates.

However, the claims from banks are arriving in bits and pieces, thereby taking relatively longer processing time. In order to facilitate expeditious settlement of banks' claims, SBP has decided that instead of receiving claims from commercial banks individually, M/s 1Link will lodge a consolidated monthly claim by giving breakup of amount owed to each bank, after reconciliation and verification of transactions.

The consolidated claim will be lodge by 1Link within two days after close of the month and the SBP shall settle the claims within five working days, through Real-Time Gross Settlement system (RTGS). The credit intimation will be conveyed to banks through RTGS interface.

Copyright Business Recorder, 2020