Amendment status not verified — confirm the current text below against the official source.
Insertion of new section-3C in the Bihar Act, 18 of 2002.-The following new section- 3C shall be inserted after section-3B of the said Act 2002 :- "3C Compounding of offence .- (1) An offence punishable under section-3 may, after the institution of the prosecution by the Competent Authority with the permission of the Designated Court on payment of the entire amount due to the depositors with interest at the rate of 1% per month or at the rate of interest notified by Reserve Bank of India for the time being in force, whichever is higher. (2) Where an offence has been compounded under sub-section (1), no further proceeding shall continue against the offender in respect of the offence so compounded and the offender, if in custody, shall be discharged forthwith."