It has been brought to the notice of State Bank of Pakistan that some banks and their offices have e-mailed instructions reportedly issued by SBP, regarding declaration of Saturday as a Gazetted Holiday, to their offices and through their friends to other banks, referring to a so called Circular Letter  No. 23 dated 08-08-2002, purportedly issued by State Bank without confirming the legitimacy of the same from their Head Office. It is brought to the notice of all concerned that BPD Circular Letters/Circulars are issued in a sequential order. So far, the department has issued only 20 Circular Letters. The Circular Letter No.23 stated in the e-mail is fictitious. Besides, it is vehemently denied that neither the Government nor the State Bank of Pakistan has announced “Saturday” as a Gazetted Holiday with effect from 10^th August, 2002. 

It is further advised that there is no move presently under consideration to declare Saturday as a Holiday. The banks are therefore advised to strictly adhere to the timings as already prescribed in BPRD Circular No. 19 dated 26^th June, 1998.

The banks are also advised to ensure that only those instructions that are received in their Head Offices directly from SBP are communicated downwards. Failure to adhere to above shall invoke penal action under Banking Companies Ordinance against the concerned officials.

Please acknowledge receipt.