law: Credit Information Companies (Regulation) Act, 2005 
  25. Power of Reserve
  
  Bank to impose penalty.- 
  1.     
  
    Notwithstanding
  
  anything contained in section 23, if a contravention or default of the nature
  
  referred to in sub-section (2) of section 22 or sub-section (2) or sub-section
  
  (3) or sub-section (4) of section 23, as the case may be, is made by a credit
  
  information company or a credit institution then, the Reserve Bank may impose
  
  on such credit information company or credit institution-
               
  
   i.        
  
    where
  
  the contravention is of the nature referred to in sub-section (2) of section
  
  22, a penalty not exceeding one lakh rupees;
              
  
   ii.        
  
    where
  
  the contravention is of the nature referred to in sub-section (2) orsub-section
  
  (3) of section 23, a penalty not exceeding one crore rupees;
             
  
   iii.        
  
    where
  
  the contravention is of the nature referred to in sub-section (4) of section
  
  23, a penalty not exceeding one lakh rupees and where such contravention or
  
  default is continuing one, a further penalty which may extend to five thousand
  
  rupees for every day, after the first, during which the contravention or default
  
  continues.
  1.     
  
  
  2.     
  
    For
  
  the purpose of adjudging the penalty under sub-section (1), the Reserve Bank
  
  shall serve notice on credit information company or credit institution or
  
  specified user, as the case may be, requiring it to show cause as to why the
  
  amount mentioned in the notice should not be imposed as penalty and a
  
  reasonable opportunity of being heard shall also be given to such credit
  
  information company or credit institution or specified user, as the case may
  
  be.
  3.     
  
    No
  
  complaint shall be filed against credit information company or credit
  
  institution or specified user, as the case may be, in any court of law in
  
  respect of any contravention or default in respect of which any penalty has
  
  been imposed by the Reserve Bank under this section.
  4.     
  
    Any
  
  penalty imposed by the Reserve Bank under this Act shall be payable within a
  
  period of fourteen days from the date on which notice issued by the Reserve
  
  Bank demanding payment of the sum is served on the credit information company
  
  or credit institution or specified user, as the case may be, and in the event
  
  of failure of such credit information company or credit institution or
  
  specified user to pay the sum within such period, may be levied on a direction
  
  made by the principal civil court having jurisdiction in the area where the
  
  registered office of the credit information company or credit institution or
  
  specified user, being a company, is situated and in case of credit institution
  
  incorporated outside India, where its principal place of business in India is
  
  situated:
  Provided that such direction under this
  
  sub-section shall be made only upon an application made in this behalf to the
  
  court by the Reserve Bank.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
    The
  
  court which makes a direction under sub-section (4) shall issue a certificate
  
  mentioning therein the sum payable by a credit information company or credit
  
  institution or specified user, as the case may be, and every such certificate
  
  shall be enforceable in the same manner as if it were a decree made by the
  
  court in a civil suit.
  6.     
  
    Where
  
  any complaint has been filed against credit information company or credit
  
  institution or specified user, as the case may be, in any court in respect of
  
  the contravention or default of the nature referred to in sub-section (2) of
  
  section 22 or sub-section (2) or sub-section (3) or sub-section (4) of section
  
  23, then, no proceedings for the imposition of any penalty on the credit
  
  information company or credit institution or specified user shall be taken
  
  under this section.