High Denomination Bank Notes (Demonetisation) Act : Penalties. Indian Bare Acts :

High Denomination Bank Notes (Demonetisation) Act,1978

Act No : 11

Section : Penalties.

10.Penalties. (1) If any bank fails to prepare and present within the time and in the manner provided by section 5 any return referred to in that section, or presents any return under that section which is false in any material particular, the manager or other person in charge of the bank shall, unless he proves that the failure took place or the false return was presented, without his knowledge or that he exercised all due diligence to prevent the same, be punishable with imprisonment for a term which may extend to three years, or with fine, or with both. (2) Whoever knowingly makes in any declaration under section 7 any statement which is false or only partially true or which he does not believe to be true or contravences any provision of this Act or the rules made thereunder shall, be punishable with imprisonment for a term which may extend to three years or with fine or with both. (3) An officer of a scheduled bank who makes payment out of the amount, being the exchange value of a high denomination bank note credited under sub-section (4) of section 7 to an account maintained with such bank shall, unless such account is an account which has been opened after proper introduction, be punishable with imprisonment for a term which may extend to three years, or with fine, or with both.