Site icon News Portal NP

Diyat increased by 20%, provident fund returns reduced – Business

Diyat increased by 20%, provident fund returns reduced – Business

Government Increases Diyat Value and Reduces Provident Fund Returns

The federal government has announced a 20% increase in the value of diyat (compensation for murder payable to the heirs) for the fiscal year 2024-25, raising it to Rs8.1 million. This decision is in accordance with the Pakistan Penal Code of 1860 and reflects the value of 30,630 grams of silver.

Additionally, the government has reduced the return on provident funds to 13.97% for the fiscal year 2023-24, affecting both the General Provident Fund (GPF) and the Contributory Provident Fund (CPF). This decrease comes after a rate of 14.22% was set for the previous fiscal year.

The notifications issued by the Ministry of Finance also mention that the ministries of railways and defence will issue separate instructions regarding the applicable profit rates for provident fund balances under their control for the fiscal year 2024.