KARACHI, Oct 4: Long queues of bank depositors were seen throughout the day at automated telling machines (ATMs) trying to withdraw cash from their accounts ahead of zakat deduction made on the first of Ramazan.
A man among people, lined up in front of an ATM, told APP that he had tried to withdraw cash from his salaried account from several ATMs in the city, as banks could be closed on the first of Ramazan, which might fall on Oct 4, but he said, some of the ATMs were not connected while others were without cash.
Another account holder said he needed money to make purchases but the ATMs on his way back home were out of order or lacked cash.
Yet another person said he wanted to withdraw money to empty his account fearing zakat would be deducted from his salary.
When the bank’s officials were contacted on this account, they said the bank was facing shortage of cash due to heavy withdrawals by account holders.
Every year, before the commencement of Ramazan, depositors withdraw huge amounts from their accounts to avoid zakat deduction made on first of Ramazan.
Some consider that zakat should be paid to the deserving by hand and others just consider themselves ineligible to pay it.
Zakat is deduction of 2.5 per cent made on savings, and other mobile and immobile assets, and paid to the specially defined (deserving) people as a divine decree.
Huge withdrawals are also made during the last week of Ramazan when faithful do shopping for eid.—APP
