Lawgist47Penalties
(1) Whoever in any return, balance-sheet or other document or in any information required or furnished by or under or for the purposes of any provision of this Act, willfully makes a statement which is false in any material particular, knowing it to be false, or willfully omits to make a material statement, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.
(2) If any person fails to produce any book, account or other document or to furnish any statement or information which, under the provisions of this Act, it is his duty to produce or furnish, he shall be punishable with a fine which may extend to two thousand rupees in respect of each offence and in the case of a continuing failure, with an additional fine which may extend to one hundred rupees for every day during which the failure continues after conviction for the first such failure.
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- 33 Staff of Corporation
- 34 Returns from insured banks
- 35 Corporation to have access to records
- 36 Inspection of insured banks by Reserve Bank
- 37 Corporation to furnish information to Reserve Bank
- 38 Reserve Bank to furnish information to Corporation
- 39 Declaration of fidelity and secrecy
- 40 Indemnity of directors
- 41 Defects in appointment not to invalidate acts, etc
- 42 Protection of action taken under this act
- 43 Companies Act, 1956 and insurance act, 1938 not to apply
- 44 Liquidation of Corporation
- 45 Power of Central Government to give directions
- 46 Dispute as to amount of premium
- 47 Penalties
- 48 Offences by companies
- 49 Cognizance and trial of offences
- 50 Regulation
- 51 Repealed
