Punjab govt implements prohibition on private usury business

The Punjab government has implemented prohibition on doing private usury business and the gazette notification of “The Punjab Prohibition of Interest Loans Act 2022” has been issued. Punjab Chief Minister 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 CM 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. 5 lac 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.

The CM informed that the case will be registered for demanding additional amount as an interest in addition to the real amount. Any citizen can visit a police station and get an FIR registered against those doing usury business. The CM highlighted that many houses will be saved from getting ruined after the enforcement of Prohibition of Interest Loans Act and maintained that interest is a curse. He added that with the enforcement of prohibition law with regard to doing private usury business is also a service to the religion Islam.