(1) Whoever violates any one or more of the provisions of section 7 shall commit an offence which shall be punishable with rigorous imprisonment for a term which may extend to three years.
(2) Whoever causes financial loss to the State Government, willfully and with malafide intention, by under assessment and/or under realization of revenue due to the State Government and/ or by incurring unauthorized expenditure shall commit an offence which shall be punishable with rigorous imprisonment for a term which may extend to three years and/or recovery of the amount of financial loss caused to the State Government with interest.
(3) A person who abets any of the offences as aforesaid shall be liable for the same punishment as provided for the offence.
(4) Not withstanding anything contained in Code of Criminal Procedure, 1973 the offences committed under this Act shall be treated as cognizable offences.
(5) Offences under this Act shall be triable by a Magistrate not lower in rani: than of a Judicial Magistrate of 1st class.