[21. Penalties.-- If a default is made in filing under section 19, the particulars of any transaction of assignment of receivables and realisation of receivables by a factor, such company and every officer of the company who is in default shall be liable to penalty which may extend to five lakh rupees and in the case of a continuing offence, with an additional penalty which may extend to ten thousand rupees for every day during which the default continues, to be imposed by the Reserve Bank in accordance with the provisions of subsections (2) to (4) of section 22.]
Section 21: Penalties.
The Factoring Regulation Act, 2011Central Act · Act 12 of 2012
Where this provision sits
| Act | The Factoring Regulation Act, 2011 |
|---|---|
| Section | 21 |
| Marginal note | Penalties. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- inserted, Act 18 of 2023. . Ins. by Act 18 of 2023, s. 2 and Schedule, for sections 21 and 22 (w.e.f. 22-01-2024).
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