The federal government on Thursday increased the Diyat amount by Rs1,346,053, raising it to a total of Rs8,103,955 for the current financial year. Simultaneously, the government reduced the rate of return on the General Provident Fund and the Contributory Provident Fund by 0.25% for the previous fiscal year.
The finance ministry issued two separate notifications announcing these changes. The new Diyat amount will be effective from July 1, 2024, while the revised provident fund rate of return will apply from July 1, 2023, to June 30, 2024.
Diyat is a provision under Islamic law, representing compensation payable to victims or their legal heirs in cases of murder, homicide, or injury. Another form of punishment under Islamic law is Qisas, which involves equal retribution for the crime.
According to the finance ministry notification, the Diyat amount for the current financial year has been set at Rs8,103,955, equivalent to the value of 30,630 grams of silver. Last fiscal year's Diyat amount was Rs6,757,902. The increase was prompted by the rise in silver prices over the past year, resulting in a Rs1,346,053 increase.
In a separate notification, the ministry set the rate of return on provident funds at 14.22% per annum for the financial year 2022-23. For the financial year 2023-24, starting July 1, 2023, the rate has been revised to 13.97% per annum.
For the financial year 2022-23, the rate of return for the provident funds was fixed at 14.22% per annum, adding that for the financial year 2023-24 commencing from 1st July 2023, the rate of return had been set at 13.97% per annum.
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