Home News Law against private moneylenders enforced in Punjab

Law against private moneylenders enforced in Punjab

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Law against private moneylenders enforced in Punjab
Illustration Courtesy: Times of India

Those found involved in doing private usury business will be awarded 10-year punishment along with Rs.5 lac fine

Moneylenders cannot charge interest for the loans given in the past; FIRs can be registered against such elements

Lahore

Punjab government, with the approval of Chief Minister Chaudhry Parvez Elahi, has enforced the law for prohibition of doing private usury business in the province.

According to an official handout issued Wednesday, the provincial government has issued the notification of “The Punjab Prohibition of Interest Loans Act 2022”.

CM Parvez Elahi stated that after the enforcement of law a ban has been imposed on doing private usury business across Punjab. “No one can make any transaction with regard to private usury across the province,” he said asserting that those found involved in doing private usury business will be brought in the stern grip of law.

“The one found involved in doing private usury business will be awarded ten years punishment along with Rs.5 lac fine,” according to law.

After the enforcement of law the one receiving money from private usury in the past will now only return the real amount and will not have to pay additional amount as interest to the lender.

CM informed that a case will be registered against the concerned person for demanding additional amount as an interest in addition to the real amount. Any citizen can visit a police station and can get an FIR registered against those doing usury business.

CM highlighted that many houses will be saved from getting ruined after the enforcement of Prohibition of Interest Loans Act. (PR)

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