The State Bank of Pakistan will remain closed for public dealing on 1st Ramazan-ul-Mubarak, 1442 A.H., which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.
All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H, said a statement on Monday.
However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).
Zakat Deduction
People maintaining a minimum of Rs 80,933 (Rupees eighty thousand nine hundred thirty-three only) balance in savings, profit and loss sharing or similar bank accounts in Pakistan on the first day of Ramazan will be liable to pay 2.5 per cent Zakat on the total balance.
A notification issued by the Administrator General Zakat for lunar year 1441-42 AH, said the Nisab had been fixed on the basis of the value of 52.5 tolas silver. This year the Zakat Nisab had been increased by Rs 34,604 because of surge in gold and silver price. The Nisab was fixed at Rs 46,329 in the previous year.
No deduction of Zakat at source shall be made in case of the current accounts, or the amount in the account lesser than the value announced by the ministry, said the notification.
However, the account holders, who have already submitted an affidavit, will be exempted from the Zakat deduction.
The deduction will be made on the first day of Ramazan, which will fall on April 14 or 15 subject to crescent appearing.
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