Whoever,-
(a) obtains a licence in the name which is not his true name or carries on the business of money-lending under the licence so obtained ; or
(b) carries on the business of money-lending at any place not mentioned in the licence authorizing him to carry on such business ; or
(c) enters into any agreement in the course of business of money-lending without a valid licence, or under a licence obtained in the name which is not his true name, shall, on conviction, be punished,-
(i) for the first offence, with imprisonment of either description which may extend to one year or with fine which may extend to rupees fifteen thousand or with both, and
(ii) for the second and subsequent offence, in addition to or in lieu of, the penalty specified in clause (i), with imprisonment of either description which shall not be less than five years, where such person is not a company, and with fine which shall not be less than rupees fifty thousand, where such person is a company.