Penalty for failure to comply with the provisions of section 269SS.271D.
(1) If a person
takes or accepts any loan or deposit or specified sum in contravention of the provisions of section 269SS
, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so taken or accepted.(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.