law: The Warehousing (Development and Regulation) Act, 2007
  Chapter X Offences
  
  and Penalties
  43. Offences and
  
  penalties. -
  1.  Any
  
  warehouseman knowingly issuing a negotiable warehouse receipt without taking
  
  the actual physical delivery of the goods in his warehouse or a warehouseman or
  
  an agent or servant of the warehouseman who issues a warehouse receipt without
  
  reasonably satisfying himself that the goods for which such warehouse receipt
  
  is issued have actually been received or the number, weight or grade of the
  
  goods corresponds to the number, weight or grade specified in the warehouse
  
  receipt or the goods are under his actual control at the time of issuing such
  
  warehouse receipt, commits an offence and shall be punishable with imprisonment
  
  for a term which may extend to three years or with fine which may extend to
  
  four times the value of the goods or with both.
  2.  A
  
  warehouseman or an agent or servant of the warehouseman, who knowingly issues a
  
  duplicate negotiable warehouse receipt without substantially following the
  
  procedure for the issue of a duplicate warehouse receipt, commits an offence
  
  and shall be punishable for such offence with imprisonment for a term which may
  
  extend to three years, or with fine which may extend to one lakh rupees, or
  
  with both.
  3.  A
  
  warehouseman or an agent or servant of the warehouseman, who, knowingly that
  
  the negotiable warehouse receipt in respect of such goods is outstanding and is
  
  uncancelled, delivers the goods without obtaining possession of such negotiable
  
  warehouse receipt at or before the time of such delivery and thereby causes unlawful
  
  loss or gain to any person, commits an offence and shall be punishable for such
  
  an offence by imprisonment for a term which may extend to three years or with
  
  fine which may extend to one lakh rupees, or with both.
  4.    A
  
  warehouseman who fails, on surrender of a negotiable warehouse receipt by the
  
  depositor or endorsee and payment of all his lawful charges and cancellation of
  
  encumbrances endorsed on the receipt, within the declared shelf-life of the
  
  goods, as mentioned therein to deliver the goods represented by the receipt
  
  commits an offence and shall be punishable for such offence with imprisonment
  
  for a term which may extend to three years or with fine which may extend to
  
  three times the value of the goods or with both.
  5. Any
  
  depositor, who declared as the value of the goods delivered by him for storage
  
  with a warehouseman an amount which he does not believe to be the proper value,
  
  commits an offence and shall be punishable for such an offence with fine which
  
  may extend to one lakh rupees.