The Punjab Protection of Interests of Depositors (in Financial Establishment) Bill, 2012 envisages in case of non-return of depositors' money or any fraud, the defaulter company will attract imprisonment up to six years and fine up to Rs 1 lakh, an official spokesman said.
Properties of managers or owners can also be attached, he said.
The Cabinet also okays the implementation of Punjab Rent Act, 1995 applicable to tenancies existing on the date of notification of the Act.
The existing tenancies will continue to be governed by the Eastern Punjab Rent Restriction Act, 1949, the spokesman said.
The new Act provides for compulsory registration of the tenancy agreement between the landlord and the tenant.
The Cabinet approved the Punjab Housing and Habitat Policy, 2008 which is aimed at achieving the objective of affordable housing for all in rural and urban areas.
The need for formulating the PHHP emerged from growing requirements of shelter and related infrastructure both at rural and urban centres, the spokesman said.
Chief Minister Parkash Singh Badal presided over the Cabinet meeting.