Bank holiday on March 24 for Zakat deduction

KARACHI-The State Bank of Pakistan (SBP) on Tuesday declared March 24 (Friday) as a bank holiday for the deduction of Zakat and all the banks and financial institutions would be closed for public dealing on the day. According to a circular issued by the Banking Policy and Regulations department of the central bank, the State Bank of Pakistan would remain closed for public dealing on March 24 for the purpose of deduction of Zakat, since 1st of Ramazan-ul-Mubarak, 1444 AH is likely to fall on Thursday, March 23, which was already declared as a public holiday. Accordingly, all banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) shall remain closed for public dealing on March 24, it stated, adding that, however, all employees of the banks, DFIs and MFBs would attend the office on bank holiday treating it as a normal working day except for public dealing. The SBP, in a separate statement, had already announced that the SBP would remain closed on Thursday, March 23 being a public holiday on the occasion of “Pakistan Day” as declared by the Government of Pakistan while all other banks, DFIs and MFBs would also remain closed on the day.

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