law: Payment and Settlement Systems Act, 2007
  Chapter VII: Offences
  
  and Penalties
  26. Penalties. -
  1.  
  
    Where
  
  a person contravenes the provisions of section 4 or fails to comply with the
  
  terms and conditions subject to which the authorisation has been issued under
  
  section 7, he shall be punishable with imprisonment for a term which shall not
  
  be less than one month but which may extend to ten years or with fine which may
  
  extend to one crore rupees or with both and with a further fine which may extend
  
  to one lakh rupees for every day, after the first during which the
  
  contravention or failure to comply continues.
  2.  
  
    Whoever
  
  in any application for authorisation or in any return or other document or on
  
  any information required to be furnished by or under, or for the purpose of,
  
  any provision of this Act, wilfully makes a statement which is false in any
  
  material particular, knowing it to be false or wilfully 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 which shall not be less
  
  than ten lakh rupees and which may extend to fifty lakh rupees.
  3.  
  
    If
  
  any person fails to produce any statement, information, returns or other
  
  documents, or to furnish any statement, information, returns or other
  
  documents, which under section 12 or under section 13, it is his duty to
  
  furnish or to answer any question relating to the operation of a payment system
  
  which is required by an officer making inspection under section 14, he shall be
  
  punishable with fine which may extend to ten lakh rupees in respect of each
  
  offence and if he persists in such refusal, to a further fine which may extend
  
  to twenty-five thousand rupees for every day for which the offence continues.
  4.  
  
    If
  
  any person discloses any information, the disclosure of which is prohibited
  
  under section 22, he shall be punishable with imprisonment for a term which may
  
  extend to six months, or with fine which may extend to five lakh rupees or an
  
  amount equal to twice the amount of the damages incurred by the act of such
  
  disclosure, whichever is higher or with both.
  5.  
  
  
  
    Where
  
  a direction issued under this Act is not complied with within the period
  
  stipulated by the Reserve Bank or where no such period is stipulated, within a
  
  reasonable time or where the penalty imposed by the Reserve Bank under section
  
  30 is not paid within a period of thirty days from the date of the order, the
  
  system provider or the system participant which has failed to comply with the
  
  direction or to pay the penalty shall be punishable with imprisonment for a
  
  term which shall not be less than one month but which may extend to ten years,
  
  or with fine which may extend to one crore rupees or with both and where the
  
  failure to comply with the direction continues, with further fine which may
  
  extend to one lakh rupees for every day, after the first during which the
  
  contravention continues.
  6.  
  
    If
  
  any provision of this Act is contravened, or if any default is made in
  
  complying with any other requirement of this Act, or of any regulation, order
  
  or direction made or given or condition imposed there under and in respect of
  
  which no penalty has been specified, then, the person guilty of such
  
  contravention or default, as the case may be, shall be punishable with fine
  
  which may extend to ten lakh rupees and where a contravention or default is a
  
  continuing one, with a further fine which may extend to twenty-five thousand
  
  rupees for every day, after the first during which the contravention or default
  
  continues.