law: Banking Regulation Act, 1949
  46. Penalties
  (1) Whoever in any return, balance-sheet or
  
  other document 202[or on any information required or furnished] by or under or
  
  for the purpose 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 documents or to furnish any statement or information which
  
  under sub-section (2) of section 35 it is his duty to produce or furnish, or to
  
  answer any question relating to the business of a banking company which he is
  
  asked by 250[an officer making inspection or scrutiny under that section] he
  
  shall be punishable with fine which may extend to 251[two thousand rupees] in
  
  respect of each offence, and if he persists in such refusal, to further fine
  
  which may extend to 252[one hundred rupees] for every day during which the
  
  offence continues.
  (3) If any deposits are received by a banking
  
  company in contravention of an order under clause (a) of sub-section (4) of
  
  section 35, every Director or other officer of the banking company, unless he
  
  proves that the contravention took place without his knowledge or that he
  
  exercised all due diligence to prevent it, shall be deemed to be guilty of such
  
  contravention and shall be punishable with a fine which may extend to twice the
  
  amount of the deposits so received.
  253[(4) If any other provision of this Act is
  
  contravened or if any default in made in,-
  (i) complying with any
  
  requirement of this Act or of any order, rule or direction made or condition
  
  imposed thereunder, or
  (ii) carrying out '
  
  the terms of, or the obligation under, a scheme sanctioned under sub-section
  
  (7) of section 45, by any person, such person shall be punishable with fine
  
  which may extend to 254[fifty thousand rupees or twice the amount involved in
  
  such contravention or default where such amount is quantifiable, whichever is
  
  more, and where a contravention or default is a continuing one, with a further
  
  fine which may extend to two thousand and five hundred rupees for every day,
  
  during which the contravention or default continues.
  (5) Where a contravention or default has been
  
  committed by a company, every person who at the time the contravention or
  
  default was committed, was in charge of, and was responsible to, the company
  
  for the conduct of the business of the company, as well as the company, shall
  
  be deemed to be guilty of the contravention of default and shall be liable to
  
  be proceeded against and punished accordingly:
  PROVIDED that nothing contained in this
  
  sub-section shall render any such person liable to any punishment provided in
  
  this Act if he proves that the contravention or default was committed without
  
  his knowledge or that he exercised all due diligence to prevent the
  
  contravention or default.
  (6) Notwithstanding anything contained in
  
  sub-section (5), where a contravention or default has been committed by a
  
  company, and it is proved that the same was committed with the consent or
  
  connivance of, or is attributable to any gross negligence on the part of, any
  
  Director, Manager, Secretary or other Officer of the company, such Director,
  
  Manager, Secretary or other Officer shall also be deemed to be guilty of that
  
  contravention or default and shall be liable to be proceeded against and
  
  punished accordingly.
  Explanation: For the purposes of
  
  this section,-
  (a) "company" means any body corporate
  
  and includes a firm or other association of individuals; and
  (b) "Director", in relation to a
  
  firm, means a partner in the firm.]