law: Payment and Settlement Systems Act, 2007
  30. Power of Reserve
  
  Bank to impose fines. -
  1.  
  
    Notwithstanding
  
  anything contained in section 26, if a contravention or default of the nature
  
  referred to in sub-section (2) or sub-section (6) of section 26, as the case
  
  may be, the Reserve Bank may impose on the person contravening or committing
  
  default a penalty not exceeding five lakh rupees or twice the amount involved
  
  in such contravention or default where such amount is quantifiable, whichever
  
  is more, and where such contravention or default is a continuing one, a further
  
  penalty which may extend to twenty-five thousand rupees for every day after the
  
  first during which the contravention or default continues.
  2.  
  
    For
  
  the purpose of imposing penalty under sub-section (1), the Reserve Bank shall
  
  serve a notice on the defaulter requiring him to show cause why the amount
  
  specified in the notice should not be imposed as a penalty and a reasonable
  
  opportunity of being heard shall also be given to such defaulter.
  3.  
  
    Any
  
  penalty imposed by the Reserve Bank under this section shall be payable within
  
  a period of thirty days from the date on which notice issued by the Reserve
  
  Bank demanding payment of the sum is served on the defaulter and, in the event
  
  of failure of the person to pay the sum within such period, may be recovered on
  
  a direction made by the principal civil court having jurisdiction in the area
  
  where the registered office of the defaulter company or the official business
  
  of the person is situated: Provided that no such direction shall be made,
  
  except on an application made by an officer of the Reserve Bank authorised by
  
  it in this behalf.
  4.  
  
    The
  
  Reserve Bank may recover the amount of penalty by debiting the current account,
  
  if any, of the defaulter or by liquidating the securities held to the credit of
  
  the defaulter or in accordance with the provisions of this Act.
  5.  
  
    The
  
  court which makes a direction under sub-section (3) shall issue a certificate
  
  specifying the sum payable by the defaulter and every such certificate shall be
  
  enforceable in the same manner as it were a decree made by the court in a civil
  
  suit.
  6.  
  
    Where
  
  any complaint has been filed against any person in any court in respect of the
  
  contravention or default of the nature referred to in sub-section (2), or, as
  
  the case may be, sub-section (4) of section 26, then, no proceeding for the
  
  imposition of any penalty on the person shall be taken under this section.