Govt fixes Rs 51,086 to charge Zakat

Zakat

ISLAMABAD: The government has fixed the Rs 51,086 as the principle amount from which system Zakat is to be deducted this year.

It is pertinent mention that banks deducts Zakat from bank accounts at the rate of 2.5 per cent on the first day of the holy month of Ramazan.Meanwhile, all the offices of State Bank of Pakistan, banks, development finance institutions and microfinance banks will remain closed for public dealings (bank holiday) on Monday July 23 for deduction of Zakat, because the 1st of Ramazan will either fall on Saturday or Sunday (subject to the sighting of the moon), as these days are observed as the two-day weekly holidays by the above mentioned institutions. However, all the staff will attend their offices on Monday treating it as a normal working day (except for public dealings). – Nation