THE
(Pb. Act VI of 2007)
C O N T E N T S
Sections
1. Short title, extent and commencement.
2. Definitions.
3. Prohibition of Private Money Lending.
4. Punishment.
5. Offence non-bailable.
6. Cognizance of offence.
7. Rules.
8. Repeal.
9. Savings.
[1]THE
(ACT
VI OF 2007)
[30 June 2007]
An Act to prohibit the private money lending in the
Preamble.- Whereas it is expedient to enact the law to prohibit private money lending
in the Province of the
It is hereby enacted as follows:-
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
(3) It shall come into force at once.
2. Definitions.- In this Act, unless the subject or context otherwise requires, the following expressions shall have the meanings hereby respectively assigned to them–
(a) “Government” means Government of the
(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
4. Punishment.- 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.
5. Offence non-bailable.- Any offence committed under this Act shall be non-bailable and non-compoundable.
6. Cognizance of Offence.- 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).
7. Rules.- Government may make rules for carrying out the
purposes of this Act.
8. Repeal.- The Punjab Money-Lenders Ordinance 1960 (W.P. Ordinance XXIV of 1960) is hereby repealed.
9. Savings.– 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.
[1]This Act had been
moved in the Assembly by a Private Member, Mrs. Humaira Awais Shahid, MPA
(W-351) on 31 July 2003, passed by the Punjab Assembly on 12 June
2007; assented to by the Governor of the