ISLAMABAD: People maintaining a minimum of Rs46,329 balance in savings, profit and loss sharing or similar bank accounts in Pakistan on the first day of Ramazan will be liable to pay 2.5 per cent Zakat on the total balance.

A notification issued by the Poverty Alleviation and Social Division, quoting Administrator General Zakat for lunar year 1440-41 AH, said the Nisab had been fixed on the basis of the value of 52.5 tolas silver. This year the Zakat Nisab had been increased by Rs1,914 because of surge in gold and silver price.

The Nisab was fixed at Rs44,415 in the previous year.

No deduction of Zakat at source shall be made in case of the current accounts, or the amount in the account lesser than the value announced by the ministry, said the notification.

However, the account holders, who have already submitted an affidavit, will be exempted from the Zakat deduction.

The deduction will be made on the first day of Ramazan, which will fall on April 24 or 25.

Published in Dawn, April 21st, 2020