Where is the bonnet release on a Fiat Punto?

The bonnet release clip is located under the steering wheel below the steering wheel height adjustment lever. it is (in my case) a bright orange color.On year 1999-> model it is just below the dashboard plastic level, to the door side of control pedals, just crouch down and have a look.

If the level is slack, then the bonnet release cable has snapped.

You'll have to jack the car up, and access / pull the cable from underneath.