Composition of offences

(1) Any officer authorised by the Authority may accept from any person who has committed or in respect of whom a reasonable belief can be inferred that he has committed an offence punishable under this Act or the rules made thereunder, a sum of money not exceeding Rs. 500, by way of composition for such offence. (2) On payment of such sum of money, the said person in custody shall be released and no further proceeding shall be taken against him in regard to the offence so compounded.