The State Bank of Pakistan (SBP) has instructed all banks and microfinance banks to adhere to the guidelines set forth by the Finance Department, Government of Sindh, regarding the recovery of Electricity Duty under the Sindh Finance (Amendment) Act of 2013.
According to the directive, all scheduled banks, post offices, and other bill collecting agencies are required to recover the Electricity Duty as a separate item in monthly electricity bills. The collected amount must then be credited to the Government Treasury under the specified head of account, with a treasury receipt furnished to the concerned Electric Inspector by the 15th of each month.
The Pakistan Banks’ Association (PBA) has engaged with SBP on this matter and put forth the following recommendations:
- The Government of Sindh (GoS) should instruct utility companies to notify collecting banks to transfer the Electricity Duty amount by the 15th of each month.
- Utility companies should directly deposit the Electricity Duty amount via Banker’s Cheque or RTGS into the Government of Sindh’s account.
- Utility companies should provide consolidated transfer amounts directly to banks.
Source: PBA