[ ZAKAT ]
Q.16 On which scheme(s), the
Zakat is applicable and how?
Ans: Zakat is collected from investment made in
Defence Savings Certificates, Special Savings Certificates (Regd), Savings
Account and Special Savings Account. In case of Defence Savings Certificates,
the Zakat is collected @ 2.50% on the accumulated value of the certificate(s)
(i.e. principal + profit) as on the Zakat valuation date preceding the date of
encashment. Whereas, in case of Special Savings Certificates (Regd), Savings
Account and Special Savings Account the Zakat is collected @ 2.50% of the
principal of that particular maturity.
Q.17 Is there any time constraint for submitting
a Zakat Declaration seeking exemption from collection of Zakat?
Ans: Yes, there is definitely a time limit. The
said declaration can easily be submitted at the time of investment or after
that, but it should be furnished before 1st Shabban so as to make it
effective for the coming Ramadan. Any declaration submitted after the 1st
Shabban will be applicable for the next year and not for the current Islamic
Q.18 I am a non-resident Pakistani and want to
make some investment in National Savings Schemes (NSS), whether, the said
investment will be exempt from Zakat or not?
Ans: Any assets acquired against payment in
foreign currency or maintained in foreign currency are to be treated as exempt
from compulsory collection of Zakat. An account, which is opened with foreign
currency and out of which an account can be withdrawn in foreign currency or
local currency does not change the nature of the account.
there any Zakat collection in case of reinvestment of existing Certificates?
Ans: No. Zakat is only collected at the time of
Investment From Abroad
Prize Bonds &
Payment of Prize Money