CLIENT: PCB EMPLOYEES PROVIDENT FUND TRUST PKF F.R.A.N.T.

S
YEAR ENDED: 30 June 2021
Chartered Accountants
Initial Date
Prepared by: Rimsha
Reviewed by:
Reviewed by:

PAKISTAN CRICKET BOARD EMPLOYEES PROVIDENT FUND RULES CHECKLIST

DEFINITION YES NO N/A

1 The Fund shall be called the PAKISTAN CRICKET BOARD EMPLOYEES PROVIDENT YES
FUND.

"Eligible Employee'' means any permanent employee or the Board who has been confirmed
2 by the Board after satisfactory completion of the probationary YES
period prescribed by the Board but doesn't include any temporary or casual employee or
personal servant or persons not employed In Pakistan or any other whom the Board shall
declared to be ineligible.

3 "Basic Salary" means fixed monthly salary, which Includes dearness allowance, If any but YES
excludes any other allowance perquisites and bonus. The decision of the Board as to the
basic salary received by a Member in any month shall be final and binding on all parties.

4 YES
"Member" means an eligible employee of the Board whose application for membership in the
Fund has been adopted by the Trustees and who contributes to the Fund.

5 The "Act' means the Income Tax Act, 1922 as amended by the Income Tax (Provident Fund YES
Relief) Act, 1929, reenactment thereof and Includes.

6 PERMANENT STAFF" means all the employees of the Board except those who are engaged YES
on probation or are employees temporarily for certain specific purpose.

"Service" or "Service of the Board" means employment by the Board In respect of which the
7 remuneration or, part thereof is salary or wages. The words "Continuous Service" means YES
service recognised as such by the Board for the purpose of this Fund in accordance with its
Rules established from time to time. The Board's records concerning an employee's length
and continuity of service shall be conclusive.

8 "The Financial Year of the Fund' shall mean the year from the first day of July to the YES
Thirteenth day of June.
MEMBERSHIP

1 An eligible employee shall complete and file with the Board the form of Application for YES
membership of the fund as set in Form A appended to these Rules.

The benefits of the Fund shall be open to every employee on the permanent staff or the Board
2 and every employee who shall come into receipt of a monthly YES
salary of 25/- or upwards shall be required to subscribe to and choose a member of the fund
and it shall be optional for an employee of the permanent Staff of the Board drawing
monthly salary of less then 25/- to subscribe to and become a member of the fund
The Board reserves the right to refuse permission to any particular employees to become
3 member of the Fund without giving any reason for its refusal. A member shall not be YES
permitted to resign this membership of Fund without the concern of the Board and of the
Trustees.

An employee who becomes an Eligible Employee shall execute and file the form as aforesaid
4 and shall become a Member of the Fund on acceptance of the application YES
by the Trustees as from the first day of the month next following the data upon which he
becomes eligible.

5 Subject to the provisions of these Rules a member shall remain a Member of the Fund until YES
he ceases to be an employee of the board.

In the event of difference of opinion amongst the Trustees the decision of the majority of the
6 N/A
trustees shall prevail and be binding on all the Trustees and on the members and on the Board
and if there shall be an equal division of opinion amongst the Trustees, then the opinion of
the Chairman of the Trustees appointed by the Board Shall prevail.

7 Every member shall be entitled to receive a copy of these rules, but non-receipt of Copy shall YES
be no answer to his ignorance of the Fund Rules.

An Eligible Employee, who opts not to become a member of the fund, shall have no right and
8 YES
privileges under the Fund. Such employees may however become a member of the Fund at a
later date If he so desires.
 The Fund shall be governed by the rules or by such other Rules as shall for the time being in
force. Every member of the Fund shall sign a declaration (according to the Form l, given In
9 Appendix 'B') that he had duly read the Rules of the Fund for the time being in force and YES
shall signify the assess to the conditions and obligations binding upon the members or the
Fund provided nevertheless that the Rules of the Fund in force for the time being or amended
from time to time shall be binding upon every member of the Fund, whether he have signed
such declaration or not.

10 The Fund shall consist of contributions made to it by the members and contributions made to YES
it by the board as hereafter mentioned in Rule 15 together
with interest on the members contributions and interest on the Board contributions.

CONTRIBUTION OF THE BOARD

For and in respect or each month and on or as soon after the first day of each month as the
amount of the Board's contribution in respect of the Preceding month can be calculated and,
except or reasons beyond the Board's control not later than the
1 fifteenth day of the month following that in respect of which such contribution is made, the YES
Board shall contribute to the funds of the Fund a sum equal to the aggregate amount of
subscriptions subscribed by the Members in respect of the month immediately preceding the
date of such contribution provided that the Board shall be entitled at any time upon giving
notice In writing to the Trustees and by posting such written notice prominently at the
principal office of the Board to reduce or discontinue or to renew the making of further
contributions to the funds of the Fund and on expiry or such notice of discontinuance the
obligation and liabilities of the Board hereunder shall in respect of the Board's contributions
thereupon cease.
The contributions of the Board shalI be paid to the Trustees who shall pay the same into the
2 Banking Account of the Fund and shall credit the account of each Member of the Fund with YES
his due proportion thereof.

3 Contributions shall be rounded off to the nearest rupee, which is 50 paisa or, above shall be YES
deemed to be one rupee, 49 paisa or low must be ignored.

DELEGATION
The Trustees from time to time may delegate as they think fit any power, authority or
discretion vested in them by the Trust Deed or these Rules or otherwise to any person or
persons and from time to time revoke such delegation, provided
1 always that such delegation of any power, authority or discretion shall not absolve them of YES
their responsibilities under the Trust Deeds and or the Rules.

JURISDICTION
No suit or legal proceedings in regard to any claim, matter or dispute arising out of or
1 relating to these Rules of the Fund shall be instituted in any Court except a court in Lahore YES
competent to entertain such claims, matters or dispute.

The trustees shall have the power from time to time to raise such sums as may be required
for the purpose of these rules by sale of securities held by the trustees or of a sufficient part
2 thereof or by a loan on the security thereof. YES

INVESTMENT
All money's of the Fund not immediately required for the purposes thereof shall at their
discretion be from time lo time invested by the Trustees in the name of the Fund in such
securities only as are authorized by Rule 102 of the Income Tax Rules, 2002 or a, may be
1 authorized by any modification or alteration of such Rules with power to the Trustees at their YES
discretion from time to time to change any such, investments into other securities so
authorized.

The monies (including the net income of the fund for the time being available for
distribution) from time to time in the hands of the Trustees upon the trusts hereof and not
immediately required, for making any payment to members, shall be invested by the trustees
2 in accordance with the Provisions of any enactments or rules for the time being in force YES
pertaining to a recognized Provident Fund.

The account of the Fund shall be at any convenient office of the Board and shall be at any
3 convenient office of the Board and shall be made up yearly to the 30th June every year. YES

BANKERS
Such Bankers as the Trustees may from time to time appoint shall be the Bankers of the
Fund, Sums may be withdrawn from the Banking Account at any time by the Trustees in
accordance with these Rules. Such account shall be operated only by
1 cheque bearng the signature of not less than two Trustees or the signature of not less than two YES
persons to whom such authority may have been delegated by the Trustees.

MANAGEMENT
The Fund shall be constituted an irrevocable Trust and shall be vested in three Trustees who
1 may from time to time be appointed by the Board and all of the Trustees shall be from YES
amongest the employees of the Board.
 A Trustee shall continue in office till he dies or becomes insolvent or resigns his office or is
removed by the Board. The Trustees so appointed shall have complete control over the
management of the Fund and shall be vested with all powers, authorities and discretions
necessary or expedient for that purpose, in addition to any express powers conferred by these
2 Rules. The Trustees not being less than three shall be competent to execute and exercise all YES
the Trust's power and discretions vested by these rules in the Trustees generally.

CAPITAL RESERVE ACCOUNT

A Capital Reserve Account shall be maintained to which shall be credited any

profit arising from the sale of securities and any amount forfeited to the Fund under Rule 23
1 There shall likewise be debited to the Capital Reserve Account loss arising N/A
from the sale of securities, or any other expenditure on behalf of the Fund, of
Members, of ex·Members or their dependents as the Trustees in their absolute discretions
may deem proper.

The balances of this account whether at debit or credit shall be taken Into account whenever
any final settlement with a Member or his representative or nominee has to be made For, this
2 purpose, there shall be ascertained the proportion which the amount at the credit of the N/A
account of such Member as at the end of the financial year of the Fund preceding the
termination of his, Membership bears to the total standing at that date to the credit or all
Members. The sum represented by such proportion of the Capital Reserve Account shall be
credited to the account or such Member or his representative or nominee.
The balances of this account whether at debit or credit shall be taken Into account whenever
any final settlement with a Member or his representative or nominee has to be made For, this
purpose, there shall be ascertained the proportion which the amount at the credit of the
account of such Member as at the end of the financial year of the Fund preceding the
3 termination of his, Membership bears to the total standing at that date to the credit or all N/A
Members. The sum represented by such proportion of the Capital Reserve Account shall be
credited to the account or such Member or his representative or nominee.

MEMBERS' ACCOUNT
A separate account shall be opened for each Member ,in the books of the Fund. The said
account shall be maintained in accordance with the form prescribed In Rule 95 of the Income
1 Tax Rules, 2002, and shall be available for Inspection by YES
members at such time and in such manner as the Trustees may prescribe.

As soon as possible after such Balance Sheet and Revenue Account have been prepared such
Member shall be furnished with a Statement of Account showing the position thereof and
such statement shall be signed and accepted as correct and
2 binding on the Member save that if any manifest error shall be found therein and YES
notified by the Member to the Trustees in writing within three months after the receipt by
him or such statement, the same shall be rectified.

AUDIT
The Accounts shall be audited annually by a firm of Chartered Accountants appointed by the
Board. The audited accounts shall be accepted and signed by two Trustees at a Trustees'
1 meeting. YES

SUBSCRIPTION OF MEMBERS

1 Each member shall subscribe to the fund an amount equal to 10% of his basic salary. YES

The monthly contribution payable to the Fund by each member shall be equal to 5% of the
actual basic salary drawn by or payable to him during the month and it shall be deducted
every month from the salary payable to him in that month. The sums deduced and retained as
2 aforesaid shall be credited to the account of the member as his contribution to the Trustee as YES
soon as possible but not later than three months after they have been deduced and shall be
credited to the member account.

3 The Board shall pay to the Trustees on the 31th December and 30th June of every year an YES
amount equal to the aggregate contributions of all members for the previous six months and
the amounts thus contributed shall be credited in the respective contributions for the previous
six months as the Board's contribution to the Fund.

4 The subscription of the Member absention leave shall, during the period of such absence, be YES
assessed on his basic salary, If any and allowed during such absence.

A member of the Fund shall upon the cessation of his service (otherwise then by
death) with the consent of the Board, be entitled to receive from the Fund the amount of his
5 own contribution and interest there on and the Board's contribution credited or due to be YES
credited In column of his account and interest there on credited or due to be credited in
column of his account to the date of his
resignation/ceasing of employment of the Board.

6 In the event of death of any member while in the service of the Board, the trustees shall hold YES
the amount created or due to be created to his account with the Fund
including the Board's contribution upon trust for such person as shall have been nominated or
appointed by such member in accordance with the rules hereinafter contained.

PROFIT
 The Trustees shall at the time of final payment to or on account of any Member or person
7 entitled to payment include in such payment the amount of profit accrued in the current YES
financial year in accordance with the Rules of the Fund till the date of such Member's
termination of membership. For this purpose the Trustees shall establish after the
commencement of any financial year a pre-determined rate of profit, which shall ordinarily
approximate the actual rate of the preceding financial year.

Payment will be made by the Trustees of the Fund to a Member or to the nominee of
8 representative or any deceased member or holder of a Sucession within three months from YES
the date when such member will become entitled to receive payment from the Fund and shall
Include prorit up to the date of termination of membership in the Fund.

If a Member shall cease to be Member by reason of his resignation or on his services being
terminated, the Trustees should pay to such Member the total amount standing to his credit
9 with the fund in respect of his own contribution and in respect of the Board's contributions YES
together with profit accrued thereon as on the date of such resignatin or termination, except
that Board's contribution and profit thereon should be withheld if the employee is dismissed
from service for misconduct.

TAX DEDUCTABLE

Before making any payment of the board's contribution and the profit thereon to any
10 Member, the Trustees shall determine what amount, if any, should be deducted in respect of YES
Income Tax payable under the provisions of the Income Tax Ordinance, 2001 and pay the
same to the proper authority.

WITHDRAWALS

A member shall neither be entitled to transfer, assigned or create a charge upon his interest in
1 the fund, nor shall be allowed to withdraw any sum from the amount standing to his credit YES
except as provided in Income Tax Rules 2002. Application for withdrawal shall be made on
Form 'C' appended to these Rules.

The amount withdrawn and the interest thereon will operate to reduce pro-rata the amount
2 standing from time to time to the member's credit in the fund in respect of his own YES
contribution and his interest thereon until the entire amount withdrawn together with the
interest shall be repaid.

A member shall be entitled to withdraw any amount or pension thereof standing to his credit
3 YES
for transfer to the Voluntary Pension Scheme (VP scheme) by requesting the trustees in
writing.

LAPSES AND FORFEITURES

1 All lapses and forfeitures occurring at any time, all profits earned at any time on the sale of YES
investments, all surplus income not allocated for payment of interest and all balance in the
fund remaining unclaimed after 3 year, shall be transferred to a separate account to be called
'The Lapses and The Forfeiture account".

DECISION OF THE BOARD FINAL

In case of dispute the decision of the board shall be final and binding on the trustees and the
1 members in all members relating to the 'records of members and the management of the fund YES
Provided always that if and insofar as any such dispute shall relate to matters concering
income tax, suh dispute shall be refered to the commissioner of Income Tax or other
competent authority for the time being having jurisdiction over the fund whose decision shall
be final.