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The Pakistan government banned a total of 43 apps Tuesday to tackle unregistered loan companies and safeguard consumers from fraudulent services. The order was made by the Ministry of Information Technology and Telecommunication(MOITT) amid public outrage that broke out when a Rawalpindi man committed suicide after accruing substantial debt.
Along with promptly blocking these apps, the Federal Minister for IT and Telecommunication Syed Amin Ul Haque said the government is beginning an awareness campaign to help prevent further cases of being victimized by such digital lending applications.
Director General of the FIA Mohsin Hassan Butt guided all cybercrime units to take action against the companies and individuals running these illegal mobile apps. He told The News that the “[c]ompanies obtain the license from the [Securities & Exchange Commission of Pakistan (SECP)] for online loan payment apps” and the banned apps have no registration under the SECP authority. The FIA has opened around 74 cases during its country-wide operations against illegal loaning companies.
The minister urged citizens to ensure extreme caution and care before applying for a loan online and to engage only in registered and reputable organizations for doing so.
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Along with promptly blocking these apps, the Federal Minister for IT and Telecommunication Syed Amin Ul Haque said the government is beginning an awareness campaign to help prevent further cases of being victimized by such digital lending applications.
Director General of the FIA Mohsin Hassan Butt guided all cybercrime units to take action against the companies and individuals running these illegal mobile apps. He told The News that the “[c]ompanies obtain the license from the [Securities & Exchange Commission of Pakistan (SECP)] for online loan payment apps” and the banned apps have no registration under the SECP authority. The FIA has opened around 74 cases during its country-wide operations against illegal loaning companies.
The minister urged citizens to ensure extreme caution and care before applying for a loan online and to engage only in registered and reputable organizations for doing so.
The post Pakistan government launches crackdown on 43 illegal loan apps following public outrage appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.