Penalties relating to production of records and furnishing of information

Penalties relating to production of records and furnishing of information.-

1. (1) Any promoter or person who on demand by the authorized officer fails to produce any records or furnish any information in accordance with the requirements of this Act, after being given the opportunity of showing cause in writing against the imposition of a penalty, shall be liable to a penalty of five thousand rupees and, in addition, one thousand rupees per day for so as long as the failure continues.
2. (2) The power to levy the penalties under this Section shall be vested in the Assistant Commissioner.