Notification about Deduction of Zakat

The Government of Pakistan Cabinet Secretariat Poverty Alleviation & Social Safety Division issued the notification no. CE-1001 (36)/NISAB/1440-41/2020 on 20th April 2020 at Islamabad. This notification is about the deduction of zakat. However, the deduction of Zakat at source in respect of saving banks/ profit and loss sharing similar bank accounts and deposit thereof immediately after deduction date. Moreover, the details of Zakat and their deduction and their further details are as follows;

To:

Muhammad Akhtar Javed,
The Director, (Banking Policy and Regulations Department)
State Bank of Pakistan,
Head Office, LI, Chundrigar Road,
Karachi.

Subject:

Deduction of Zakat at Source in Respect of Saving Banks/ Profit and Loss Sharing and Similar Bank Accounts (Asset Code No, 101) and Deposit Thereof Immediately After Deduction Date.

Details:

Sir,
I am directed to say that Administrator General Zakat has notified the “Nisab of Zakat” for the Zakat year 1440-41 AH at Rs. 46,329.00/- (Rupees: Forty-six thousand three hundred twenty-nine only). No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of serial no.1 of the first schedule of Zakat and Ushar Ordinance, 1980 is less than Rs. 46,329.00 (Rupees: Forty-six thousand and thee hundred twenty-nine only) on the first day of Ramzan-ul-Mubarak, 1441 AH, First day of Ramzan-ul-Mubarak, has already been notified as to the “Deduction date” likely to fall of 24th or 25th April 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 a credit balance of Rs. 46,329.00/- (Rupees: Forty-six thousand and three hundred twenty-nine only).

All the Zakat Collection Agencies (ZCCAs) are requested to deduct the Zakat accordingly. A copy of the return of Form CZ-08A may please be provided to this Division immediately after depositing Zakat in Central Zakat Account No. CZ-08 being maintained with the State Bank of Pakistan.

Yours sincerely,
Dr. Muhammad Ali
Research Officer (Zakat)
051-9210037

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