Industrial Reconstruction Bank of India Act : Penalty from making false statement in application

Industrial Reconstruction Bank of India Act,1984

Act No : 62

Section : Penalty from making false statement in application for loans andadvance.

66. Penalty for making false statement in applications for loans and advances.- If in any application, return or statement or other document made, submitted, furnished or produced for the purpose of obtaining any loan or advance or any other assistance from the Reconstruction Bank any person makes a statement-- (a) which is false in any material particular, knowing it to be false; or (b) which omits to state any material fact, knowing it to be material; he shall be punishable with imprisonment for a term which may extend to two years, and shall also be liable to fine.