(1) The [State Government] may, by notification in the Gazette, empower a Fishery Officer by name or by virtue of officer—
(a) to accept from any person concerning whom evidence exists, which if unrebutted, would prove that he has committed any fishing offence as described in the first column of the schedule a sum of money by way of compensation for the offence with regard to which such evidence exists and on the payment of such sum to such officer such person, if in custody, shall be released and no further proceedings shall be taken against him ;
(b) to release any property that has been seized as liable to confiscation without further payment or on payment of the value thereof as estimated by such officer and on the payment of such value such property shall be released and no further proceedings shall be taken in respect thereof.
(2) The sum of money accepted as compensation under clause (a) of sub-section (1) shall in no case exceed the amount acceptable as compensation in the second column of the schedule for the particular offence described in the first column thereof ;