Federal Government Announces Revised Diyat Value for Fiscal Year 2023-24
The Federal Government of Pakistan has announced a new value for Diyat for the fiscal year 2023-2024. The Finance Division issued a notification stating that the value of Diyat, which is financial compensation paid to victims or their heirs in cases of murder, bodily harm, or property damage, has been set at Rs. 6.75 million. This figure corresponds to the value of thirty thousand six hundred and thirty (30,630) grams of silver.
The announcement was made in accordance with sub-section (2) of Section 323 of the Pakistan Penal Code (Act XLV of 1860). The government has declared Rs. 6,757,902 (Rupees six million seven hundred fifty-seven thousand nine hundred and two only) to be the value of the aforementioned quantity of silver for the purpose of subsection (1) thereof.
This revised rate of Diyat represents a significant increase from the previous fiscal year, FY23 when the federal government fixed the rate of Diyat at Rs. 4.318 million. The adjustment in the Diyat value is an important legal and financial update, as it directly impacts the compensation amount in various legal cases involving personal harm or property damage.
The announcement was made on September 5th, 2023, and has been widely reported across various news platforms. As the fiscal year progresses, it remains to be seen how this change in Diyat value will impact legal proceedings and settlements in the country.
