Penalty for not making out policy or making one not duly stamped

Any person who,-

1. (a) receives or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy or such insurance; or
2. (b) makes, executes or delivers out any policy which is not duly stamped or pays or allows in account, or agrees to pays or allows in account, any money upon or in respect of, any such policy. shall be punishable with fine which may extend to two thousand rupees.