PUNJAB FINANCIAL ADVISORY SERVICES ACT 2025

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THE PUNJAB FINANCIAL ADVISORY SERVICES ACT 2025 
(XL of 2025) 
CONTENTS 
1. Short title, extent and commencement 
2. Definitions 
3. Establishment of Authority 
4. Board 
5. Functions of the Authority 
6. Chief Executive Officer 
7. Appointments 
8. Appointment by transfer 
9. Fund 
10. Bank accounts 
11. Budget and accounts 
12. Audit 
13. Fee 
14. Joint ventures and outsourcing 
15. Delegation of powers 
16. Disclosure of interest 
17. Transfer of Assets and liabilities 
18. Authentication of instruments 
19. Recovery of dues 
20. Annual report 
21. Appeal 
22. Indemnity 
23. Power to make rules 
24. Regulations 
25. Power to amend the Schedule 
26. Overriding effect 
27. Removal of difficulties 
SCHEDULE 
 
 
  
TEXT 
1
THE PUNJAB FINANCIAL ADVISORY SERVICES ACT 2025 
(XL of 2025) 
[29th May, 2025] 
An 
Act 
to establish the Punjab Financial Advisory Services. 
It is necessary to establish an Authority for provision of financial and management 
advisory services, quality services for timely decisions, efficient use of public resources 
in the public interest and the matters ancillary thereto and connected therewith. 
Be it enacted by Provincial Assembly of the Punjab as follows: 
1. Short title, extent and commencement . (1) This Act may be cited as the 
Punjab Financial Advisory Services Act 2025. 
(2) It extends to whole of the Punjab. 
(3) It shall come into force at once. 
2. Definitions. In the Act: 
(a) “Act” means the Punjab Financial Advisory Services Act 2025; 
(b) “Authority” means the Punjab Finan cial Advisory Services  established 
under the Act; 
(c) “Board” means the Board constituted under section 4 of the Act; 
(d) “Chairperson” means the Chairperson of the Board; 
(e) “client” means the beneficiary entity including but not limited to an 
Administrative Department, autonomous body, company or entity as 
defined in the Punjab Go vernment Rules of Business 2011 or  international 
organization, non -governmental organization or private sector entity who 
engages the Authority for its financial and management advisory services; 
(f) “fee” means the fee for provision of services by the Authority; 
(g) “Finance Department” means the Finance Department, Government of the 
Punjab; 
(h) “financial year” means the year starting on the 1 st July and ending on 30 th 
June of each year; 
(i) “Fund” means the Fund established under section 9 of the Act;  
(j) “Government” means Government of the Punjab; 
(k) “Member” means a Member of the Board; 
(l) “prescribed” means prescribed by the rules or regulations made or framed 
under the Act; 
(m) “regulations” means the regulations framed by the Authority under the Act; 
(n) “rules” means the rules made under the Act; 
(o) “Schedule” means the Schedule attached to the Act; and 
(p) “services” means the services as provided in the Schedule. 
                                                 
1This Act was passed by Provincial Assembly of the Punjab on 21 May 2025; and was assented to by Governor of the Punjab on 29 
May 2025; and was published in the Punjab Gazette (Extraordinary), dated: 29 May 2025, pp. 4775-4781. 
3. Establishment of Authority. The Government may, by notification in th e official 
Gazette, establish an Authority to be known as the Punjab Financial Advisory Services  
which shall be a body corporate having perpetual succession and a common seal, with 
power to enter into contracts, agreements, Memorandum of Understanding and may 
acquire or dispose of property, and may, by the its name, sue or be sued. 
4. Board. (1) The Authority shall perform its functions and exercise its authority 
through the Board which shall consist of the following: 
(a)  Minister for Finance. Chairperson 
(b)  Secretary to the Government, Finance Department. Vice Chairperson 
(c)  Secretary to the Government, Planning  and 
Development Board or his representative not below the 
rank of Additional Secretary. 
Member 
(d)  Secretary to the Government, Law and Parliamentary 
Affairs Department or his representative not below t he 
rank of Additional Secretary. 
Member 
(e) Secretary to the Government, Local Government and  
Community Development  Department or his 
representative not below t he rank of Additional 
Secretary. 
Member 
(f) Secretary to the Government, Housing, Urban 
Development and Public Health Engineering 
Department or his representative not below t he rank of 
Additional Secretary. 
Member 
(g) Secretary to the Government, Implementation and 
Coordination Wing of Services and General 
Administration Department or his representative not 
below the rank of Additional Secretary. 
Member 
(h) Chairperson Punjab Revenue Authority or his 
representative not below t he rank of Additional 
Secretary. 
Member 
(i) Two members of Provincial Assembly of the Punjab, 
one from the Treasury and one from the Opposition, to 
be nominated by the Speaker of the Assembly. 
Members 
(j) four experts from private sector. Members 
(k) Chief Executive Officer of the Authority. Member/Secretary 
(2) No act or proceedings of the Board shall be invalid merely by reason of any 
vacancy or defect in its constitution. 
(3) Seven Members shall cons titute the quorum  for a meeting of the Board  
which shall be held, at least once in three months,  on such date, time and place as the  
Chairperson or in his absence, the Vice Chairperson may determine. 
(4) The agenda of a meeting shall be approved by the Chairperson.  
(5) The Chairperson or, in his absence, Vice Chairperson shall preside over 
the meeting of the Board  and in absence of both, the meeting shall be presided by the 
Member so elected by the Members present. 
(6) The Members at clause ( j) of sub -section (1) , shall be appointed by the 
Chief Minister for a term of three years, however, they shall serve during the pleasure of 
the Chief Minister and they shall have such qualification s and experience as may b e 
prescribed or until so prescribed as may be determined by the Board. 
(7) In case a Member, at clause (j), of sub -section (1), a bsents  himself from 
three consecutive meetings of the Board without prior permission of the person presiding 
over the meeting, he shall stand disqualified as Member of the Board. 
5. Functions of the Authority . (1) The Authority may perform such functions and 
exercise such powers as are necessary for carrying out the purposes of the Act. 
 (2) Without prejudice to the generality of sub -section (1), the Authority may 
perform the following functions, including but not limited to: 
(a) offering cost effective high -quality services while maintaining institutional 
knowledge repository; 
(b) financial and management advisory support; 
(c) issue financial and management guidelines; 
(d) prepare and approve its annual budget; 
(e) advise the Government on the matters related to the services; 
(f) raise funds through borrowing, investments, leasing of assets or any other 
means in such manners as may be prescribed through rules; 
(g) prepare the annual report and submit it to the Government for its approval; 
(h) enter into and perform such contracts or agreements or joint venture with 
local and international organizations as may be necessary for carrying out 
the purposes of the Act; 
(i) collect or cause to be collected, fees on the use of the services; 
(j) establish different wings  and delegate such powers to such  wings as are 
necessary for the efficient and effective performance of its functions under 
the Act; 
(k) disseminate and create awareness about the services offered by it by 
organizing road shows or seminars to attract clients; 
(l) collaborate with the Gov ernment, the local government or any other public 
or private sector entity for improvement of financial and management 
services; 
(m) procure equipment, machinery, instruments, materials, data and services 
required for carrying out the purposes of the Act; 
(n) enter into partnership with national and international consultants, agencies, 
organizations or companies; 
(o) develop digital tools and platforms to enhance transparency and efficiency 
in public financial management; 
(p) establish a center of excellence for research, trainin g and innovation in 
financial and management advisory services; 
(q) facilitate innovative financing solutions such as green bo nds and social 
impact bonds; 
(r) constitute one or more committees consisting of the Members, employees 
or such other persons as it may de em fit and assign functions for the 
purposes of the Act; and 
(s) perform such other functions as the Government may assign to achieve the 
objectives of the Act. 
6. Chief Executive Officer . (1) There shall be a  Chief Executive Officer of the 
Authority to be appointed by the Chief Minister. 
(2) The Chief Executive Officer shall exercise such powers and perform such 
functions as the Board may assign to him. 
(3) The Chief Executive Officer shall have such qualifications, experience , age 
and other requirements, and shall receive such salary and allowances, and be subject to 
such conditions of service as may be prescribed or until so prescribed, as the Board may 
determine. 
(4) The Chief Executive Officer may approve deployment of resources  for a 
client service worth not more than fifty million rupees and may recommend for approval 
of a client service exceeding fifty million rupees to the Board. 
(5) The Chief Executive Officer shall be answerable to the Board  for 
administrative, financial and technical matters, as may be prescribed. 
(6) The Board  may empower the Chief Executive Officer to re -appropriate 
funds from one project to another on the basis of progress of the projects. 
7. Appointments. (1) The Authority may appoint such employees, experts or 
consultants and other staff in such manner and on such terms and co nditions as may be 
prescribed. 
(2) Subject to the terms and conditions of appointment, the Authority may, at 
any time, terminate the services of an employee by serving thirty days' prior no tice or on 
payment of thirty days salary in lieu of the notice. 
8. Appointment by transfer . (1) The Chief Minister  may, on the request of the 
Authority, transfer and post the services of a  civil servant to the Authority, on terms and 
conditions which shall n ot be less favourable than those admissible to him immediately 
before his transfer and posting. 
 (2)  The employee transferred and posted under sub-section (1) shall continue 
to be the employee of the Governm ent and shall be  liable to be transferred and posted 
back to the Government. 
9. Fund. (1) There shall be a Fund to be known as the Punjab Financial Advisory 
Services Fund to be administered and controlled by the Authority in such manner as it 
may prescribe. 
(2) The Fund shall consist of: 
(a) funds provided by the Government; 
(b) loans or grants by the Government or the Federal Government; 
(c) loans or funds obtained by the Authority under the Act; 
(d) grants and loans negotiated and raised, or otherwise obtai ned, by the 
Authority under the Act; 
(e) income from fee  and interest earned on the Fund and the proceeds from 
the lease or sale of property, asset or any other valuable; 
(f) income from investments; 
(g) funds raised by issuance of bonds or securities with the approval of the 
Government;  and 
(h) any other sums received by the Authority. 
(3) The Authority shall meet all its expenses from the Fund. 
10. Bank accounts . The Authority shall open and maintain its accounts at such 
scheduled bank as may be prescribed  subject to the concurrence of the Finance 
Department. 
11. Budget and accounts . (1) The Authority shall maintain proper accounts and 
other records relating to its financial affairs including its income and expenditure, and its 
assets and liabilities in such form and manner as may be prescribed. 
(2) After the conclusion of a financial year, the Au thority shall, in the manner 
as may be prescribed, cause to be prepared for the financial year statements of account 
which shall include a balance sheet and an account of income and expenditure. 
(3) The expenditure for which no provision has been made in the a pproved 
budget, shall be incurred with prior approval of the Board. 
(4) The Board may delegate its powers to Chief Executive Officer to administer 
and incur expenditure in the matters of urgent nature subject to such conditions as it may 
determine. 
12. Audit. (1) The Auditor General of Pakistan shall annually audit the accounts of 
the Authority. 
(2) The Authority, in addition to the audit under sub-section (1), shall cause the 
accounts of the Authority annually audited by a registered Chartered Accountant or a  
registered firm of Chartered Accountants.  
(3) The auditor appointed under sub-section (2) shall: 
(a) be provided such access to the books, accounts and other documents as 
may be considered necessary for the audit of accounts; 
(b) authenticate balance sheet, inco me and expenditure statement of the 
Authority before issuance; and 
(c) submit the annual or any speci al audit report to the Board  and the same 
shall take appropriate remedial or other action in the light of the audit 
report. 
13. Fee. The Authority shall determine the fee for the services provided by it on case 
to case, man-month or lump sum basis through market estimates. 
14. Joint ventures and outsourcing . (1) Notwithstanding the provisions contained 
in the Punjab Public Private Partnership Act  2025, the Punjab Procurement Regulatory 
Authority Act 2009 and subject to such terms and conditions as may be approved by the 
Authority for performance of its functions under th e Act, the Authority may enter into any 
joint venture agreement with any Government agency or or ganization, any local or 
foreign entity. 
(2) The joint venture agreements or public private partnership agreements 
under sub -section (1), may be executed by the Chief Executive Officer or any other 
employee as may be so authorized by the Board. 
15. Delegation of powers. (1) The Board may, with or without conditions, delegate 
to the Chairperson, Vice Chairperson, Chief Executive Officer, a committee or Member 
or its employee any of its functions except to: 
(a) frame regulations; 
(b) approve the annual budget; 
(c) constitute committee; 
(d) approve policies and guidelines; 
(e) approve annual report; and 
(f) consider audit report. 
(2) The delega tion of such functions  shall be in writing and shall specify the 
conditions, limitations, or restrictions, if any, subject to which the functions  are to be 
exercised or performed. 
16. Disclosure of interest . If any Member or  employee including consultant, and 
auditor or the family of such a Member or employee including consultant, and auditor 
has, direct or indirect, interest in any matter relating to the Authority, such Member or 
employee including consultant, and auditor shall forthwith dis close that interest to the 
Authority and the Authority may take such action as it may consider appropriate. 
17. Transfer of Assets and liabilities . (1) The Government or a ny other authority 
or agency may, for purposes of  the Act, transfer any assets, rights and liabilities to the 
Authority pursuant to financial services agreement on such terms and conditions as are 
mutually agreed. 
(2) Subject to such conditio ns as the Board may approve, the Government 
may assign a contract made in relation to the services to the Authority and the same 
shall be deemed to be the successor of the Government for purposes of such contract. 
18. Authentication of instruments . All orders, decision s and other instruments of 
the Authority shall be authenticated by the signature of the Chief Executive Officer or any 
other employee so authorized by the Board. 
19. Recovery of dues . (1) If a client fails to pay any amount due to the Authority, 
the employee of the Authority duly authorized, shall recover the due amount as an arrear 
of services in such manners as may be prescribed. 
(2) The late fee to be charged under the Act s hall be prescribed  and such 
amount shall form part of the Fund. 
20. Annual report . (1) The Authority shall, within three months of the close of a 
financial year, submit to the Government an annual report which shall consist of: 
(a) the statement of accounts and audit reports; 
(b) a comprehensive statement of the work and activities during the preceding 
financial year and its proposed projects and schemes; and 
(c) such other matters as  may be prescribed or as the Authority may consider 
appropriate. 
(2) The Government shall, within three months of the receipt of the annual 
report from the Authority, cause it to be laid in Provincial Assembly of the Punjab. 
21. Appeal. Any person aggrieved by any order or  decision of the Authority under 
the Act, rules or  regulations may, within fifteen days from the date of communication of 
such order, prefer an appeal to the Chief Secretary or such authority as the Government  
may, by notification, appoint. 
22. Indemnity. No suit, prosecution or other legal proceedings shall lie against the 
Authority, Board, any Member, officer, consultant and other employee of the Authority, in 
respect of anything caused or done or intended to be caused or done in good faith under 
the Act. 
23. Power to make rules . The Government may, by notification in the official 
Gazette, make rules for carrying out the purposes of the Act. 
24. Regulations. The Authority may frame regulations for giving effect to the 
provisions of the Act. 
25. Power to amend the Schedule . The Government may, by notification in the 
official Gazette, amend the Schedule. 
26. Overriding effect .- In the event of any conflict or inconsistency between the 
provisions of the Act and the provisions of any other law for the time being in force,  the 
provisions of the Act shall prevail to the extent of such inconsistency or conflict. 
27. Removal of difficulties.- If any difficulty arises in giving effect to any provision of 
the Act, the Government may make such order, not inconsistent with the Act, as may be 
necessary for the removal of such difficulty. 
 
  
SCHEDULE 
(see section 2(p)) 
Sr. No. Services 
1 Financial Planning. 
2 Financial Modeling 
3 Financial Analysis. 
4 Investment Advisory. 
5 Project Financing. 
6 Transaction Advisory. 
7 Tax Advisory or Revenue Management. 
8 Public Financial Management. 
9 Corporate Governance. 
10 Performance Evaluation and Internal Controls. 
11 Third Party Validation or Verification. 
12 Policy and Research. 
13 Management Information System or Information Technology. 
14 Human Resource Management. 
15 Capacity Building. 
16 Business Process Re-Engineering. 
17 Procurement and Contract Management. 
18 Innovative Financing. 
19 Green Financing.  
20 Debt Management. 
21 Asset Management. 
22 Risk Management. 
23 Legal Advisory. 
24 Feasibility Studies. 
25 Project Life Cycle Management.