Section 56, Banning of Unregulated Deposit Schemes Act, 2019 [S29-9V7]

56. Penalty for contravention.—(1) Whoever contravenes the provisions of section 4 or section 5 shall be punishable with fine which may extend to fifty thousand rupees, and in the case of a continuing contravention, with an additional fine which may extend to five lakh rupees for every day during which the contravention continues after conviction for the first such contravention. (2) Whoever contravenes any other provision of this Act or the rules made thereunder, for which no penalty is elsewhere provided, shall be punishable with fine which may extend to fifty thousand rupees.