{ "schema_version": "qanun-law-text/1", "id": "punjab-code-fa091e689f2363be", "title": "PUNJAB GENERAL PROVIDENT INVESTMENT FUND ACT 2009", "source_collection": "Punjab", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/ATQFMVBnW2w-", "version": null, "source_snapshot": "2026-08-06T16:56:40Z", "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609", "source_sha256": "fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609", "text_version_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609", "quality_flags": [], "encoding": "UTF-8", "text": "THE PUNJAB GENERAL PROVIDENT INVESTMENT FUND \r\nACT 2009 \r\n(V of 2009) \r\nCONTENTS \r\nCHAPTER I \r\nPRELIMINARY \r\n1. Short title, extent and commencement \r\n2. Definitions \r\nCHAPTER II \r\nRESERVE FUND AND PUNJAB GENERAL \r\nPROVIDENT INVESTMENT FUND \r\n3. Reserve Fund. \r\n4. Punjab General Provident Investment Fund \r\nCHAPTER III \r\nMANAGEMENT COMMITTEE \r\n5. Management Committee \r\n6. General Manager \r\nCHAPTER IV \r\nPOWERS AND FUNCTIONS OF THE \r\nMANAGEMENT COMMITTEE \r\n7. Powers and functions of the Management Committee \r\n8. Delegation of powers and functions \r\n9. Limitations on the investment \r\nCHAPTER V \r\nBUDGET, EXPENSES AND AUDIT \r\n10. Budget and accounts \r\n11. Expenses \r\n12. Audit \r\n \r\n \r\nCHAPTER VI \r\nMISCELLANEOUS \r\n13. Public servant \r\n14. Prohibition of insider trading \r\n15. Liability of the Government \r\n16. Conflict of interest \r\n17. Submission of annual report before the Assembly \r\n18. Rules \r\n19. Regulations \r\n \r\n \r\n \r\n \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB GENERAL PROVIDENT INVESTMENT FUND ACT 2009 \r\n(V of 2009) \r\n[8th July, 2009] \r\nAn \r\nAct \r\nto provide for the establishment of the Punjab General Provident Investment Fund to \r\ngenerate revenue for the discharge of the liabilities of the General Provident Fund. \r\nPreamble.– Whereas it is expedient to establish the Punjab General Provident \r\nInvestment Fund to gener ate revenue for the discharge of the General Provident \r\nFund liabilities of the Government and to make provisions for ancillary matters. \r\n It is enacted as follows:– \r\nCHAPTER I \r\nPRELIMINARY \r\n1. Short title, extent and commencement .– (1) This Act may be cited as the \r\nPunjab General Provident Investment Fund Act 2009. \r\n (2) It extends to the whole of the Province. \r\n (3) It shall come into force at once. \r\n2. Definitions.– In this Act– \r\n(a) “family” means a spouse, a parent, a grand parent, sibling or adopted \r\nsibling, child or an adopted child, or a maternal or paternal first cousin; or \r\na parent, sibling or adopted sibling, child or an adopted child, or a \r\nmaternal or paternal first cousin of the spouse; \r\n(b) “financial year” means the year starting from first day of July a nd \r\nending on 30th day of June of the succeeding year; \r\n(c) “Fund” means the Punjab General Provident Investment Fund \r\nestablished under the Act; \r\n(d) “General Manager” means the General Manager of the Fund; \r\n(e) “General Provident Fund” means the General Provi dent Fund \r\nestablished under the Punjab Civil Servants Act, 1974 (VIII of 1974) \r\nand the Punjab General Provident Fund Rules, 1978; \r\n(f) “Government” means the Government of the Punjab; \r\n(g) “Government bonds” include the bonds issued by or under the authority \r\nof the Federal Government, a Provincial Government or by a body or \r\nentity owned or controlled by the Government, a Provincial \r\nGovernment or the Federal Government or a prescribed body or entity; \r\n \r\n1This Act was passed by the Punjab Assembly on 1 July 2009; assented to by the Governor of the Punjab on 7 July 2009; and, was \r\npublished in the Punjab Gazette (Extraordinary), dated 8 July 2009, pages 69-73. \r\n(h) “Management Committee” means the General Provident Inves tment \r\nFund Management Committee; \r\n(i) “Member” means a Member of the Management Committee; \r\n(j) “prescribed” means prescribed by the rules made under the Act; \r\n(k) “Province” means the Province of the Punjab; \r\n(l) “regulations” means the regulations framed under the Act; \r\n(m) “Reserve Fund” means the Reserve General Provident Fund created \r\nunder section 3 of the Act; \r\n(n) “rules” means the rules made under the Act; and \r\n(o) “sub-committee” means a sub-committee of the Management Committee. \r\nCHAPTER II \r\nRESERVE FUND AND PUNJAB GENERAL PROVIDENT INVESTMENT FUND \r\n3. Reserve Fund.– (1) The Government shall, by notification, create a Reserve \r\nGeneral Provident Fund in the Public Account of the Province. \r\n (2) The amounts placed in the Reserve Fund by the Government shall \r\nform part of the Public Account of the Province as defined in Article 118(2) of the \r\nConstitution of Islamic Republic of Pakistan. \r\n4. Punjab General Provident Investment Fund.– (1) The Government shall, by \r\nnotification, establish the Punjab General Provident Investment Fund. \r\n (2) The Fund shall be a body corporate with perpetual succession, \r\ncommon seal, power to enter into contract and may sue or be sued by the said \r\nname. \r\n (3) The Fund shall perform such functions and exercise such powers with \r\nregard to the Reserve Fund as vested in it under this Act or the rules. \r\nCHAPTER III \r\nMANAGEMENT COMMITTEE \r\n5. Management Committee .– (1) The Management Committee of the Punjab \r\nPension Fund established under the Punjab Pension Fund Act 2007 (I of 2007) shall \r\nperform functions and exercise powers as the Management Committee of the Fund. \r\n (2) In the performance of functions or exercise of powers under this Act, \r\nthe Management Committee shall be known as the General Provident Investment \r\nFund Management Committee. \r\n (3) The manageme nt and administration of the Fund shall vest in the \r\nManagement Committee. \r\n (4) Subject to the provisions of this Act and the rules, in the performance of its \r\nfunctions and in exercise of its powers, the Management Committee shall act and be \r\nbound by the directions of the Government. \r\n6. General Manager .– The General Manager of the Punjab Pension Fund \r\nappointed under section 8 of the Punjab Pension Fund Act 2007 (I of 2007) shall act \r\nas the General Manager of the Fund. \r\nCHAPTER IV \r\nPOWERS AND FUNCTIONS OF THE MANAGEMENT COMMITTEE \r\n7. Powers and functions of the Management Committee .– (1) The \r\nManagement Committee shall– \r\n(a) formulate investment policy, establish standards and procedures for \r\nthe investment of the assets of the Fund; \r\n(b) invest an amount from the Reserve Fund; \r\n(c) transfer the profit generated through the investment to the Reserve \r\nFund; \r\n(d) prepare an annual report for submission to the Government detailing \r\nthe performance of the Fund; and \r\n(e) perform such other functions as may be assigned to it und er the rules \r\nor which are ancillary to the above functions. \r\n (2) The Management Committee may– \r\n(a) initiate proposals for making or amendment of the rules; \r\n(b) employ a person as may be necessary for the purposes of this Act; \r\n(c) create a sub -committee fro m amongst its Members to make \r\nrecommendations on an issue; \r\n(d) borrow on behalf of and in the name of the Fund; \r\n(e) incur liability on behalf of the Fund; \r\n(f) enter into a contract; and \r\n(g) exercise such other powers as may be conferred on it under the r ules \r\nor which are incidental to the above powers. \r\n8. Delegation of powers and functions .– (1) Subject to sub -section (2), the \r\nManagement Committee may delegate to the General Manager, a sub -committee or \r\na Member any of its powers or functions. \r\n (2) The Management Committee shall not delegate the power or function \r\nto– \r\n(a) frame, amend or repeal regulations; \r\n(b) approve the investment policy, standards and procedures for the \r\noperation of the Fund; or \r\n(c) fill a vacancy in a sub-committee. \r\n9. Limitations on th e investment .– Notwithstanding anything contained in \r\nsection 7 or any other law for the time being in force, no investment in a financial \r\nyear shall be made by the Management Committee from the Fund– \r\n(a) for a fixed period of more than three years except w ith the prior \r\napproval of the Government; \r\n(b) in a foreign market or an entity registered outside Pakistan, except with \r\nthe prior approval of the Government; \r\n(c) for an amount of more than twenty -five percent of the Reserve Fund in \r\none financial institution cumulatively; \r\n(d) for an amount 2[up to one hundred] percent of the Reserve Fund in the \r\nGovernment bonds; \r\n(e) for an amount of more than five percent of the Reserve Fund in an issue \r\nof corporate or other bonds or short term financial instruments, \r\ncumulatively; \r\n(f) for an amount of more than five percent of the Reserve Fund in a unit \r\ntrust authorised for sale in Pakistan; and \r\n(g) in an asset or a security prohibited by the rules. \r\nCHAPTER V \r\nBUDGET, EXPENSES AND AUDIT \r\n10. Budget and accounts .– (1) The Genera l Manager shall prepare the budget \r\nof the Fund for a financial year. \r\n (2) The General Manager shall place the budget proposals for approval \r\nbefore the Management Committee at least thirty days prior to the commencement \r\nof a financial year. \r\n (3) The accounts of the Fund shall be maintained in such manner as may \r\nbe prescribed. \r\n11. Expenses.– The expenses incurred on the operation of the Fund, including \r\nexpenses relating to the functioning of the Management Committee, shall be paid out \r\nof the Fund in the manner as may be prescribed. \r\n12. Audit.– (1) The Government shall appoint a firm of chartered accountants for \r\nthe annual audit of the accounts of the Fund. \r\n (2) Annual audit report of the accounts of the Fund and the Reserve Fund \r\nshall be laid before the Management Committee for approval. \r\nCHAPTER VI \r\nMISCELLANEOUS \r\n13. Public servant.– All persons acting or purporting to act in pursuance of any \r\nprovision of this Act, shall be deemed to be public servants within the meaning of \r\nsection 21 of the Pakistan Penal Code, 1860 (XLV of 1860). \r\n14. Prohibition of insider trading .– The provisions of Chapter III -A of the \r\nSecurities and Exchange Ordinance, 1969 (XVII of 1969) or any other law for the time \r\n \r\n2Substituted for the words “more than seventy -five” by the Punjab General Provident Investment Fund (Amendment) Act 2023 \r\n(XI of 2023), published in the Punjab Gazette (Extraordinary), dated: 17 February 2023, pp. 3887, s.2. \r\nbeing in force on the subject shall, mutatis mutandis, apply to the Member s, \r\nemployees, or any other person associated with the Fund. \r\n15. Liability of the Government.– Notwithstanding anything contained in this Act, \r\nright to payment of benefits from membership of the General Provident Fund of a \r\nperson shall not be restricted, ex tinguished, annulled or varied and the Government \r\nshall not be absolved from its liabilities with respect to the payment of such benefits. \r\n16. Conflict of interest .– (1) No Member shall directly or indirectly receive any \r\nprofit from his position as a Membe r except the reasonable expenses incurred by \r\nhim in the performance of his duties. \r\n (2) The pecuniary interest of family or close personal or business \r\nassociates of a Member shall be considered as the pecuniary interest of the \r\nMember. \r\n (3) A Member shall be in conflict of interest if he– \r\n(a) is an employee, or a paid consultant of a business entity that has, or of \r\na trade association of business entities that have, a substantial interest \r\nin the management of the Fund; \r\n(b) owns, controls, or has, directly or indirectly, more than ten percent \r\ninterest in a business entity that has a substantial interest in the \r\nmanagement of the Fund; \r\n(c) receives more than twenty -five percent of his individual income from a \r\nbusiness entity that has a substantial interest in ma nagement of the \r\nFund; \r\n(d) not being an ex-officio Member, is in employment of any government in \r\nPakistan, or a body managed or controlled by the government, except \r\nas a teacher or academician in an institute of higher learning; and \r\n(e) or one or more membe rs of his family, business partners or close \r\npersonal associates, may benefit either directly or indirectly, financially \r\nor otherwise, from his position on the Management Committee. \r\n (4) A Member shall disclose a potential, real or perceived conflict of \r\ninterest as soon as he becomes aware of the potential conflict and before the \r\nManagement Committee or a sub-committee takes cognizance of the matter. \r\n (5) If a Member is not certain about the conflict of interest situation, he \r\nshall bring the matter before the Management Committee for advice. \r\n (6) The decision of the Management Committee on conflict of interest shall \r\nbe final. \r\n (7) A Member shall not take part in the proceedings of the Management \r\nCommittee in which any question of his conflict of interest is on the agenda. \r\n (8) The disclosure of conflict of interest and the decision of the \r\nManagement Committee shall be recorded in the minutes of the meeting. \r\n17. Submission of annual report before the Assembly .– The Government \r\nshall, within six months of the en d of a financial year, submit an annual report of the \r\nFund in the Provincial Assembly of the Punjab. \r\n18. Rules.– The Government may, by notification, make rules for carrying out the \r\npurposes of this Act. \r\n19. Regulations.– Subject to the provisions of this Act and the rules, the \r\nManagement Committee may, by notification in the official Gazette, frame \r\nregulations to give effect to the provisions of this Act.", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-0-1770:9c6b2b8ae82ef6291b7ce50f71159f8e664c248e1316321a6dedf7a7cefed1e2", "character_start": 0, "character_end": 1770, "utf8_byte_start": 0, "utf8_byte_end": 1780, "passage_sha256": "9c6b2b8ae82ef6291b7ce50f71159f8e664c248e1316321a6dedf7a7cefed1e2", "reader_fragment": "p-0-1770-9c6b2b8ae82ef629" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-1770-3569:698365eda8be047136a41ec385fb0ae2ab57a4333881e3ba61a256d8f34bf1c3", "character_start": 1770, "character_end": 3569, "utf8_byte_start": 1780, "utf8_byte_end": 3631, "passage_sha256": "698365eda8be047136a41ec385fb0ae2ab57a4333881e3ba61a256d8f34bf1c3", "reader_fragment": "p-1770-3569-698365eda8be0471" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-3569-5342:21415bd245aebad9cf3246c5e68b4ad704c481819c85fc773454dc33856d98e7", "character_start": 3569, "character_end": 5342, "utf8_byte_start": 3631, "utf8_byte_end": 5418, "passage_sha256": "21415bd245aebad9cf3246c5e68b4ad704c481819c85fc773454dc33856d98e7", "reader_fragment": "p-3569-5342-21415bd245aebad9" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-5342-7124:2940a72c11ab30768ec83c358573d97037021183dcb71a02de4d6dbf2a225add", "character_start": 5342, "character_end": 7124, "utf8_byte_start": 5418, "utf8_byte_end": 7212, "passage_sha256": "2940a72c11ab30768ec83c358573d97037021183dcb71a02de4d6dbf2a225add", "reader_fragment": "p-5342-7124-2940a72c11ab3076" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-7124-8892:23ea006ea17944d93b7ac57ebd11a595fcae398ebfee97f1c942e66bce1108a5", "character_start": 7124, "character_end": 8892, "utf8_byte_start": 7212, "utf8_byte_end": 8990, "passage_sha256": "23ea006ea17944d93b7ac57ebd11a595fcae398ebfee97f1c942e66bce1108a5", "reader_fragment": "p-7124-8892-23ea006ea17944d9" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-8892-10642:f1dd3089bebd269aed8d3a777b4b3786f43cd112bbb3463c4ca7340ef3b11d2f", "character_start": 8892, "character_end": 10642, "utf8_byte_start": 8990, "utf8_byte_end": 10752, "passage_sha256": "f1dd3089bebd269aed8d3a777b4b3786f43cd112bbb3463c4ca7340ef3b11d2f", "reader_fragment": "p-8892-10642-f1dd3089bebd269a" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-10642-12410:7e099cbafed97abe7260e486c23d10c0548bdd3ba02cc4dd621ef88c3c7ce014", "character_start": 10642, "character_end": 12410, "utf8_byte_start": 10752, "utf8_byte_end": 12522, "passage_sha256": "7e099cbafed97abe7260e486c23d10c0548bdd3ba02cc4dd621ef88c3c7ce014", "reader_fragment": "p-10642-12410-7e099cbafed97abe" }, { "passage_id": "law:punjab-code-fa091e689f2363be:sha256:fe3ff9e02c5b4b7a2ff6468acd031a844e919dcbb073bf2022bba36322875609:chars-12410-12938:2f0e5c601e04e9752c98653c4d0efd1fc4b937324b510dbbb1f9cc379abfdcdd", "character_start": 12410, "character_end": 12938, "utf8_byte_start": 12522, "utf8_byte_end": 13056, "passage_sha256": "2f0e5c601e04e9752c98653c4d0efd1fc4b937324b510dbbb1f9cc379abfdcdd", "reader_fragment": "p-12410-12938-2f0e5c601e04e975" } ] }