PUNJAB PROHIBITION OF PRIVATE MONEY LENDING
(Pb. Act VI of 2007)
Short title, extent and commencement.
Prohibition of Private Money Lending.
Cognizance of offence.
PUNJAB PROHIBITION OF PRIVATE MONEY LENDING ACT 2007
[30 June 2007]
An Act to prohibit
the private money lending in the Punjab.
it is expedient to enact the law to prohibit private money lending in the
Province of the Punjab;
It is hereby enacted
1. Short title,
extent and commencement.-
(1) This Act may be called the Punjab Prohibition of Private
Money Lending Act, 2007.
(2) It shall extend
to the whole of the Province
(3) It shall come
into force at once.
In this Act, unless the subject or context otherwise requires, the following
expressions shall have the meanings hereby respectively assigned to them–
means Government of the Punjab;
(b) “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; and
(c) “Interest” means
and include the return to be made over and above what was actually lent
whether the same is charged or sought to be recovered specifically by way of
interest or otherwise.
3. Prohibition of Private Money Lending.-
No person, individually or collectively, shall engage himself in private
money lending in the Province of the Punjab.
Any person who contravenes section 3 of this Act shall be punished with
imprisonment for a term which may extend to ten years or with fine which may
extend to five hundred thousand rupees or with both.
Any offence committed under this Act shall be non-bailable and
6. Cognizance of
Any offence committed under section 3 shall be cognizable
within the meaning of clause (f) of sub-section (1) of Section 4 of Code of
Criminal Procedure 1898 (Act V of 1898).
Government may make rules for carrying out the purposes of this Act.
The Punjab Money-Lenders Ordinance 1960 (W.P. Ordinance XXIV of 1960) is
Notwithstanding the repeal of the Punjab Money-Lenders Ordinance 1960 (W.P.
Ordinance XXIV of 1960), everything done, action taken, obligations and
liabilities incurred, persons appointed or authorized, jurisdictions or
powers conferred, orders issued and rules or regulations made by or in
relation to this Ordinance, shall be deemed to have been respectively done,
taken, incurred, acquired, appointed, conferred, created, made or issued
under this Act.