(1) The Collector may, for the purpose of this Act, require any trading member of any stock exchange or any association as defined in clause (a) of section 2 of the Forward Contract (Regulation) Act, 1952 (Central Act) or any organization, institute, company or association or any person liable to pay duty under any article of the Schedule–I, to submit a statement or return or to furnish any information in respect of any transaction within such period as may be prescribed by rules.
(2) Where any trading member, organization, institute, company or association or any other person fails to submit a statement or return or information as required under sub-section (1) within the prescribed time, the Collector may, without prejudice to any other action which is liable to be taken against such person under any other provisions of this Act, after giving an opportunity of being heard, impose on such person a penalty of a sum not exceeding rupees five thousand for such default.