KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks related to deduction of Zakat on amount above Rs46,329 maintained in saving bank accounts.
The SBP said that Administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1440-41 AH at Rs46,329.
No deduction of Zakat at source shall be made, in case the amount tanding to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH.
First day of Ramzan ul Mubarak, has already been notified as the deduction date likely to fall on April 23 or 24, 2020 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts having credit balance of Rs46,329.
All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.