The Punjab Prohibition of Private Money Lending Act 2007
The Punjab Prohibition of Private Money Lending Act was promulgated in order to stop the private money lending in province of Punjab. Private money lender means a person who lends money on interest but does not include any corporation incorporated by the Federal or Provincial Government as a bank or a finance corporation or a cooperative society. Basic purpose of this act is to punish those who lend money on high interest to the needy and then misuse that debt to extort more money from the needy persons.
Section 4 of this act provides the punishment for the violation of this act with is “imprisonment for a term which may extend to 10 years or with fine which may extend to 500000 rupees or both. Offences under this act are cognizable which means FIR be lodged against person. Under section 5 of this act offence under this act shall be non-bailable and non-compoundable.
The Punjab Prohibition of Private Money Lending Act 2007 PDF Free Download
You can download the PDF copy of complete act by clicking on the link given below.