Penalty for contravening provisions of section 11

Any person who fails to transfer any property as required by sub-section (1) of section 11 within the time specified therein, shall on conviction be punishable with imprisonment which shall not be less than three months but may extend to one year and with fine which shall not be less than one thousand rupees but may extend to five thousand rupees. Any such punishment shall not absolve the person from his obligation to transfer the property as required by sub-section (1) of section 11.