SBP receives complaints

May 21, 2013 Off By Web Desk

KARACHI: State Bank of Pakistan has been receiving complaints from financial consumers that banks / DFIs generally do not provide them acknowledgement receipts while depositing a copy of Zakat Declaration Form CZ–50 at branch counters in terms of Zakat and Ushr Ordinance 1980, amended from time to time.

This tendency on the part of branch officials of such banks / DFIs has been viewed seriously as the acknowledgement receipt is considered prime evidence whenever any dispute on Zakat deduction subsequently arises between the parties.

All banks / DFIs are hereby advised to invariably provide acknowledgement to their customers on submission of Zakat Declaration Form CZ50 by properly affixing branch stamp, date and signature on its photocopy.

Accordingly, necessary instructions must be issued to all branches for ensuring meticulous compliance with above instructions in letter and spirit. Any breach of above instructions may attract penal action under the Banking Companies Ordinance, 1962.