Pawnbroker to redeem pledges.

(1) Where before the commencement of the Karnataka Pawnbrokers (Amendment) Act, 1979 any pawnbroker has pawned or hypothecated any pledge with any person, such pawnbroker shall, redeem the pledge within thirty days from the date of such commencement. (2) Any pawnbroker who fails to so redeem shall, on conviction, be punished with imprisonment for a term which may extend to ten years and with fine which may extend to rupees five lakh: Provided that the term of imprisonment shall not be less than three years and the fine shall not be less than rupees two lakh.