Penalty for non-compliance with directions

If any licensee or other person refuses or fails without reasonable excuse to comply with or give effect to, any direction, order or requirement made under any of the provisions of this Act, he shall be punishable with imprisonment which may extend to two years, or with penalty by way of fine which may extend to Rs. 5,00,000, or with both and a further penalty which may extend to Rs. 20,000 for each day after the first, during which the offence continues.