Punjab enforces law against private usury
Punjab Prohibition of Interest Loans Act posits 10-year imprisonment along with Rs500,000 fine
The elders made the decision during a meeting with senior officials of local administration. PHOTO: FILE
LAHORE:
The provincial government has issued the gazette notification of The Punjab Prohibition of Interest Loans Act 2022.
Chief Minister Pervaiz Elahi stated that after the enforcement of the law, private usury business had been banned across Punjab.
No one can make any transaction involving private usury.
Those violating the law will be sentenced to 10-year imprisonment along with Rs500,000 fine.
The CM said a case would be registered against the lender over demanding interest. Any citizen could lodge a report against those doing the usury business, he added.
Published in The Express Tribune, January 19th, 2023.