Section 47
Penalties.
The Deposit Insurance and Credit Guarantee Corporation Act, 1961
About this Act
An Act to provide for the establishment of a corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and for other matters connected therewith or incidental thereto.
(1) Whoever in any return, balance-sheet or other document or in any information
required or furnished by or under or for the purposes of any provision of this Act, willfully makes a
statement which is false in any material particular, knowing it to be false, or willfully omits to make a
material statement, shall be punishable with imprisonment for a term which may extend to three years and
shall also be liable to fine.
(2) If any person fails to produce any book, account or other document or to furnish any statement or information which, under the provisions of this Act, it is his duty to produce or furnish, he shall be punishable with a fine which may extend to two thousand rupees in respect of each offence and in the case of a continuing failure, with an additional fine which may extend to one hundred rupees for every day during which the failure continues after conviction for the first such failure.
(2) If any person fails to produce any book, account or other document or to furnish any statement or information which, under the provisions of this Act, it is his duty to produce or furnish, he shall be punishable with a fine which may extend to two thousand rupees in respect of each offence and in the case of a continuing failure, with an additional fine which may extend to one hundred rupees for every day during which the failure continues after conviction for the first such failure.