Punjab govt enforces ban on private usuary business.

LAHORE -- The Punjab government prohibited doing private usury business and implemented and published the 'Punjab Prohibition of Interest Loans Act 2022' in the gazette on Wednesday.

Chief Minister Parvez Elahi stated that after the enforcement of the law, a ban had been imposed on doing private usury business across Punjab, adding that no one could make any transaction about private usury across the province.

He asserted that those found involved in doing private usury business would be brought into the stern grip of law adding that the one found involved in doing private usury business would be awarded ten-year punishment along with a Rs500,000 fine.

After the enforcement of the law, the one receiving money from private usury in the past will now only return the real amount and will not have to pay an additional amount as interest to the lender. A case will be registered against the person for demanding an 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.

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He highlighted that many houses will be saved from getting ruined after the enforcement of the Act. He maintained that interest is a curse and it has been declared a war against God, adding that the enforcement of prohibition law about doing private usury business is also a service to the religion of Islam.

He said that by adhering to the injunctions of Allah Almighty and Holy Prophet (SAW), we have become successful adding that those indulging in usury business will be raised from their graves with dark faces.

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