Nisab for Zakat deduction on bank accounts for the current lunar year has been fixed at Rs. 46,329. According to a notification put out by the Poverty Alleviation and Social Division, no Zakat deduction at source will be made in case “the amount standing to the credit of an account in respect of the assets mentioned in column 2 Serial No.1 of the first schedule … Continue reading If your bank balance is more than Rs. 46,328, banks will deduct ZAKAT
To contain the spread of the coronavirus, the State Bank of Pakistan (SBP) has asked banks to waive charges on any online fund transfers. SBP has instructed banks to waive all charges on fund transfers through online banking channels such as inter-bank fund transfer. They will also not incur any cost in case of using ATMs or visiting bank branches to transfer large amounts and … Continue reading Transfer funds for Free- InterBranch, InterBank, Jazz Cash and any other medium.
As a major move towards addressing the challenge of access to finance to farming community, State Bank of Pakistan has amended its Prudential Regulations of Agriculture Financing, SME Financing, and Corporate & Commercial Banking by allowing banks to accept Electronic Warehouse Receipts as collateral for lending against storage of agriculture produce and commodities. Warehouse Receipt Financing (WHRF) is a mechanism whereby farmers, traders and processors … Continue reading State Bank of Pakistan allows Electronic Warehouse Receipt as collateral for bank financing.