Karachi: The Federal Cabinet Secretariat’s Poverty Alleviation and Social Safety Division has issued a notification designating the minimum amount in bank accounts qualifying for zakat deduction (nisab), a news source reported. This year’s nisab has been set at PKR 46,329.
An amount worth about 2.5% of the total will be deducted
from saving or other such bank accounts with a balance of PKR 46,329 or higher
on the first day of Ramazan. As per reports, the first day of Ramazan is going
to be either on April 24 or 25 – subject to the sighting of the moon.
Those having a balance lower than PKR 46,329 or the ones who have submitted the zakat exemption affidavit will not have zakat deducted from their accounts. Zakat will also not be deducted from the current accounts belonging to individuals or corporations.
The amount of nisab has been raised by PKR 1,914 this year –
from previous year’s PKR 44,415. It is calculated according to the price of
gold and silver.
