Banks will deduct Zakat on the first day of Ramazan which will be a holiday for public dealing.-File photo
KARACHI: Zakat exemption limit for holders of savings accounts has been doubled to Rs61,336 from last year's Rs29,385 in a measure expected to provide relief to the salaried class.
According to officials, the amount on which Zakat was applicable should be equal to the value of 52 tolas of silver whose price was Rs1,062 per tola in the open market on Wednesday.According to banking sources, thousands of queries have been received about the maximum amount exempted from Zakat deduction and most of them were from the salaried class.
Banks will deduct Zakat on the first day of Ramazan which will be a holiday for public dealing.
Account-holders may also submit an affidavit seeking exemption from Zakat deduction. However, bankers said most people did not opt for this option. They used to withdraw their money before Ramazan and deposit them after first Ramazan.
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