(1) The Collector may, on an application from any person who is reasonably suspected of having committed an offence punishable under sections 26, 43, 44, 45, 46, 47 or 59 including the attempts to commit or abet any of these offences under section 50 of this Act, accept a sum of money 1 [which may extend to fifty thousand rupees but shall not be less than twenty five thousand rupees] by way of composition, for each of such offences, and on payment of such sum of money to the Collector, the accused person if in custody shall be discharged and no further proceedings shall be taken against him in respect of such offence.
(2) If any lease, license, permit or pass has become liable for cancellation or suspension or has been cancelled or suspended under clauses
(a), (b) or (c) of section 29 of this Act, the authority having power to cancel or suspend it, may, on application made by holder of such lease, license, permit or pass, after payment of 2 [penalty which may extend to one lakh rupees in case of retail licensee and one lakh rupees to five lakh rupees in case of wholesaler or manufacturer or bottling plants,] revoke or forego such cancellation or suspension, as the case may be.
(3) Where any liquor has been seized under the provisions of this Act, the Collector may, if he considers it expedient but subject to the provisions of section 65, at any time, before the Judicial Magistrate has passed an order under sub-section (2) of section 60, release it on receiving payment of the value thereof, if such liquor is fit for human consumption:
Provided that such release of liquor shall not affect the punishment of the accused for the offence for which he is liable under this Act.