Punjab Assembly Passes Prohibition Of Interest On Private Loan Bill 2022

The Punjab Assembly on Tuesday passed The Punjab Prohibition of Interest on Private Loan Bill 2022 to curb the menace of usury

LAHORE, (UrduPoint / Pakistan Point News - 16th Aug, 2022 ) :The Punjab Assembly on Tuesday passed The Punjab Prohibition of Interest on Private Loan Bill 2022 to curb the menace of usury.

Treasury and opposition members jointly supported the bill which was presented by Pakistan Muslim League-Quaid MPA Khadija Umar.

The bill was aimed at bringing an end to the menace of illegal business of interest on private loans running in different parts of the province.

Addressing the House, after passage of the bill, Punjab Chief Minister Chaudhry Parvez Elahi said that in compliance with Islamic teachings, the ban was being imposed on private interest business. He said that the credit for banning the interest on private loans went to the house, adding that the services rendered by the House for islam were matchless.

He said that education was being made free till graduation whereas books would also be provided. He said that emergencies would be upgraded in hospitals whereas medicines would also be provided free of cost. The salaries of doctors serving in emergencies were being increased three times, he added.

The chief minister said that the ban on new recruitment would be lifted till the next week, adding that the salaries of the teachers would also be increased. He further said that the registry fee would be reduced to one per cent.