Last Updated on February 22, 2023 by Galaxy World
Government of Pakistan, Finance Division issued a Notification on 17-02-2023 in connection with Revised Rates of Profit on GP Fund and CP Fund wef 01-07-2021. The details are as under:
Revised Rates of Profit on GP Fund and CP Fund
Finance Division fixes the rate of profit on deposits and on balance at the credit of the subscribers to the General provider fund and similar other funds for the year 2020-21. The Finance Division resets the rate under Finance Division’s Resolution No F.2 (1)-Reg. 7/2014.
Increase in Central Provident Fund and General Provident Fund
The Finance Division issues a new notification. Which declares the Finance Division changes the rate of profit applicable to the Subscriptions and the balances in the various provident funds. The authorities change the rates for the financial year beginning on the 1st of July 2021. Hence, The new rate is now 12.04% per annum.
Profit Applicable Funds
These are the concerned Funds:
- The General Provider Fund (G.P.F)
- The Contributory Provident Fund (C.P.F)
As the rate changes, therefore, The Manager gives Necessary instructions regarding the rate of profit applicable to the balance in the various Provident funds. The rate is under the control of the Ministry of Railways and the Ministry of Defence. Hence, these ministries shall be separated it.
The authorities also order the publication of a new resolution in the Gazette.
The manager forwards copies to the following Offices:
- Present Secretariat (Public) Islamabad
- Present Secretariat (personal) Islamabad
- Prime minister office (public) Islamabad
- Prime minister’s office (internal) Islamabad
- National assembly Secretariat, Islamabad
- Senate Secretariat Islamabad
- The election Commission of Pakistan, Islamabad
- The Supreme Court of Pakistan, Islamabad
- Federal Shariat Court Islamabad
- Auditor General of Pakistan, Islamabad
- The AGPR Lahore, Islamabad, Peshawar, Quetta
- Pakistan mint Lahore
- Federal public service commission, Islamabad
- Capital Development Authority, Islamabad
- Cost Accounts organization, Islamabad
- Military Accountants General, Rawalpindi
- Central directorate of Nation saving, Islamabad
- Chief Account officer, M/O foreign officer, Islamabad
- Joint secretary expenditure / Deputy secretary expenditure attached to ministries/ divisions etc and all officers of the finance division
- Secretariat training institute, Islamabad
- Federal tax Ombudsman’s Secretariat, Islamabad
- The finance secretary, Government of the Punjab/Sindh/ Khyber Pakhtunkhwa/BALOCHISTAN/ Gilgit Baltistan, Lahore, Karachi, Peshawar, Quetta.
- Federal board of revenue, Islamabad.
- Directorate general of inspection & training customs & central excise, 8th-floor new Custom House, Karachi
- The web Master, Finance Division, Islamabad
Finance Division already issued a Notification on 18-08-2022 in connection with revised GP Fund Interest Rates 2021-22 Federal. All the Federal Employees have nearly got their GP Fund Balance statements on the new rates.