Govt increases diyat amount by 20%

The federal government has increased the value of diyat by 20 percent to Rs8.1 million and reduced interest rates on provident and other funds for the ongoing fiscal year.

It was announced in a notification issued by the Ministry of Finance on Friday that the amount of diyat money was increased to Rs8,103,955 under the subclause of section 323 of the Pakistan Penal Code (PPC) in 1860.

The recently fixed value of diyat is equivalent to the 630-gram silver.

It is over 20 percent and 56 percent increase compared to the Rs6,757,920 of the fiscal year 2024 and Rs4,318,524 of FY24, respectively.

Section 323 of PPC read: “The Court shall, subject to the Injunctions of Islam as laid down in the Holy Quran and Sunnah and keeping in view the financial position of the convict and the heirs of the victim, fix the value of diyat which shall not be less than the value of thirty thousand and six hundred and thirty grams of silver.

“The Federal Government shall, by notification in the official Gazette, declare the value of Silver, on the first day of July each year or on such date as it may deem fit, which shall be the value payable during a financial year,” stated the sub-clause of the Article.

In a separate notification, the Ministry declared that the interest rate of provident and contributory funds for FY2023-24 was decreased by 13.97 percent.

The interest rate on provident and contributory funds was decreased to 14.22 percent in FY2022-23.