Amendment status not verified — confirm the current text below against the official source.
· (i) for the first offence with imprisonment of either description which may extend to five years or with fine which may extend to rupees five lakh or with both, and (ii) for the second subsequent offence, in addition to or in lieu of, the penalty specified in clause (i), with imprisonment of either description which shall not be less than five years, where such person is not a company, and with fine which shall not be less than rupees five lakh, where such person is a company. Whoever contravenes the provisions of section 23 shall, on conviction, be punished with fine which may extend to five lakh rupees or with imprisonment of either description which may extend to five years or with both. Penalty for wrong entry in promissory note, Bond etc.