In the light of the decision of the Board of Governors, Virtual University of Pakistan (VU) taken in its 23^rd Meeting regarding release of retention / retained amount of PVC share, we are pleased to invite the applications in fifth phase from such PVCs who fulfill the following Terms and Conditions:

A. That the PVC must be/ have:

1. Registered in Federal Board of Revenue (FBR) with PVC/ Institute's name, both in case of Proprietor/Partnership.

2. Filing Income Tax Return on yearly basis,

3. Enlisted in the Active Taxpayers List (ATL),

4. Declared full amount received as PVC and Exam share (as the case may be) as part of the income in the Annual Tax Return for the respective financial year(s).

B. PVCs fulfilling the above criteria are required to submit the following documents:

1. A copy of National Tax Number (NTN) Certificate in which PVC name must be displayed,

2. A copy of Income Tax Return for respective Financial Year along with CNIC copies of Owner(s) / Director(s) etc

3. An affidavit for each Financial Year (Draft may be requested from VU PVC Accounts).

C. SOPs for releasing of Retention Share Money to PVCs:

1. Claim(s) up to period ending 30^th June 2023, complete in all respects, must be submitted to respective Regional Campus Manager (RCM) on or before August 31, 2024.

2. Separate claim must be submitted for each financial year along with required documents.

3. Claims received after the due date will be processed with the following year's claims i.e. 2024.

4. Claims will be verified by 20^th September 2024 and PVCs will be intimated accordingly. Concerned PVCs will be given a maximum time of 15 days to remove the deficiencies, if any.

5. Payment shall be released along with PVC's monthly share as per following schedule.

Note: Claims for period ending on 30^th June 2024 shall be invited in March 2025.