Bank holiday announced in Pakistan

The State Bank of Pakistan on Saturday announced that commercial banks and other financial institutes to remain closed for public dealing on Monday.

The coming Monday, March 3, will be observed as “Bank Holiday” for the purpose of deduction of Zakat.

This year Administrator General Zakat has notified the “Nisab of Zakat” for the Zakat Year 1445-46 A.H at Rs.179,689 (Rupees One Hundred Seventy-Nine Thousand Six Hundred Eighty-Nine only).

The central bank circulated the notification to all banks, Development finance Institutes (DFIs) and Microfinance Banks (MFBs) shall remain closed for public dealing on Monday.

All employees of the banks, DFIs, MFBs, however, will attend the office on Bank Holiday treating it as a normal working day (except for public dealing), a circular letter issued by Banking Policy and Regulations Department (BPRD) reads.

The Zakat will be deducted from accounts having credit balance of Rs179,689 on the first day of Ramadan.

No deduction of Zakat at source shall be made in case the amount standing to the credit of an account is less than the specified limit.