Saturday, January 28, 2023

CM Ch Parvez Elahi approves law to ban private usury business across Punjab

CM Ch Parvez Elahi approves law to ban private usury business across Punjab

LAHORE (92 News) - 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.

CM 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 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.

The 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," he added.

The CM highlighted that many houses will be saved from getting ruined after the enforcement of Prohibition of Interest Loans Act. He maintained that interest is a curse and it has been declared a war against Allah Almighty adding that with the enforcement of prohibition law with regard to doing private usury business is also a service to the religion of Islam. "By adhering to the injunctions of Allah Almighty and Holy Prophet (SAW), we have become successful adding that those indulging into usury business will be raised from their graves with dark faces. We are serving the religion with noble intentions and will do so in future as well," he resolved.