Elahi approves law to ban private usury business in Punjab

Parvez Elahi residence

The Punjab government took a milestone step under the leadership of Chief Minister Punjab Chaudhry Parvez Elahi as prohibition on doing private usury business has been implemented and the gazette notification of “The Punjab Prohibition of Interest Loans Act 2022” has been issued.

Parvez Elahi stated that after the enforcement of law a ban has been imposed on doing private usury business across Punjab adding that no one can make any transaction with regard to private usury across the province. The Chief Minister asserted that those found involved in doing private usury business will be brought in the stern grip of law, adding that the one found involved in doing private usury business will be awarded ten years punishment along with Rs 500,000 fine.

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.

He 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,” he added.