The Punjab government on Wednesday promulgated the law to ban private money-lending across the province.
After Chaudhry Parvez Elahi issued the gazette notification "The Punjab Prohibition of Interest on Private Loans Act 2022," for private money-lending was prohibited throughout Punjab.
Expressing his thoughts on the matter, CM Elahi said, "Usury is a curse, as in Islam it has been declared a war against Allah."
Talking about the law to implement a ban on usury, CM Elahi said, "The prohibition law regarding private money-lending is a service to the religion by obeying the orders of Allah and the Messenger of Allah. "Those who do business in usury will be raised with black faces on the Day of Judgment.".
The Punjab CM further said no one will be able to transact in private interest throughout the province, adding that those who do business in private interest will be brought under the law and will be imprisoned for 10 years and fined Rs 500,000. A person who took money privately on interest in the past will now return only the principal amount, he added.
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CM Elahi said that a case can be registered against the concerned person for asking for additional money in the name of personal interest in addition to the original amount, and added that many houses will be safe from devastation after the prohibition law comes into force.