SBP issues instructions to banks on Zakat deduction
All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.
ISLAMABAD (Dunya News) – 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.
According to a notification issued on Monday, 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 standing to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH.
First day of holy month of Ramzan, has already been notified as the deduction date likely to fall on April 23 or 24 (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.
