Punjab govt imposes ban on private usury business

LAHORE: The Punjab government took a milestone step as prohibition on doing private usury business has been implemented and the gazette notification of “The Punjab Prohibition of Interest Loans Act 2022” has also been issued.

Punjab CM Pervaiz Elahi stated that after the enforcement of law, a ban has been imposed on doing private usury business across the province and no one can make any transaction with regard to private usury across the province.

Elahi said those found involved in doing private usury business will be brought in the stern grip of law and will be awarded 10 years punishment along with Rs 0.5 million 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 said.

The CM stated that a case will be registered against the concerned person for demanding additional amount as 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.

Terming interest as a curse, he said that enforcement of prohibition law with regard to doing private usury business is also a service to the religion of Islam.

Moreover, talking to a batch of under-training ASPs of the 49th specialised training programme, the CM stated that the police will be given drones and other modern equipment, including modern armored vehicles, to deal with the criminals.

He said the government would complete the unfinished police reforms agenda if it came to power again. The condition of Sindh police is bad while the police in KPK enjoy a good reputation, he declared.

Further, the CM gave a Rs 10 million cheque to the delegations of Talagang district and tehsil bar associations who called on him at the CM Office.

Copyright Business Recorder, 2023

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