(Karachi) The federal government has fixed Nisab for Zakat deduction on bank accounts for the current lunar year at Rs 80,933, local media reported.

As per details, a notification issued by the Administrator-General Zakat stated that people having a minimum of Rs 80,933 balance in savings, profit and loss sharing, or similar bank accounts on the first day of Ramazan will be liable to pay 2.5 percent Zakat on the total balance.

Earlier, Minister for Science and Technology Fawad Chaudhry predicted that the Ramazan moon will be sighted on April 13. The first day of fasting for the holy month of Ramazan is likely to be on April 14 (Wednesday).