Banks to remain closed on Tuesday for zakat deduction

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According to the State Bank of Pakistan, Zakat will be deducted by banks from Saving Accounts, Profit and Loss Sharing Accounts and similar accounts with a credit balance of over 35,557 rupees on first of Ramazan.
Also Read: Ramazan moon sighted: First fasting on Tuesday
The imposition is made under the Zakat and Ushr Ordinance 1980.
Drawing from the tax slab rate for the fiscal year 2016/17, Rs 1,250 will be cut from each account with Rs. 50,000 or more.
Saving accounts with Rs. 0.1 million will see a cut worth Rs. 2,500. All the banks in the country will deposit Zakat due from all savings accounts to the national exchequer.
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