[60. Power to compound offences.(1) A Deputy Commissioner may accept from any person whose licence or permit is liable to be cancelled or suspended under section 22 or who is reasonably suspected of having committed an offence under section 49 or section 50-A or section 56, a sum of money not exceeding [fifteen thousand rupees] but not less than [five thousand rupees], in lieu of such concealment or suspension, or by way of compensation for the offence which may have been committed as the case may be; and in all cases whatsoever in which any property has been seized as liable to confiscation under this Act may release the same on payment of the value thereof as estimated by him :
Provided that in respect of offence committed under section 11-A, the Deputy Commissioner may accept a sum of money not exceeding [fifteen thousand rupees] but not less than [five thousand rupees] by way of composition of the offence which may have been committed :
[Provided further that in respect of an offence under clause (f) of section 49 the Deputy Commissioner may accept a sum not exceeding fifteen thousand rupees but not less than ten thousand rupees by way of composition of the offence.]
(2) On the payment of such sum of money, or such value, or both, as the case may be, the accused person, if in custody, shall be discharged, the property seized shall be released and no further proceedings shall be taken against such person or property.]