Section 49(3) in The National Housing Bank Act, 1987
(3)If any person [other than an auditor] [ Inserted by Act 15 of 2000, Section 25 (w.e.f. 12.6.2000).]-(a)receives any deposit in contravention of any direction given or order made under Chapter V; or(aa)[ fails to comply with any direction given or order made by the National Housing Bank under any of the provisions of Chapter V; or] [Inserted by Act 15 of 2000, Section 25 (w.e.f. 12.6.2000). ](b)issues any prospectus or advertisement otherwise than in accordance with section 35 or any order made under section 30, as the case may be, he shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine which may extend,-(i)in the case of a contravention falling under clause (a), to twice the amount of deposit received; and(ii)in the case of a contravention falling under clause (b), to twice the amount of the deposit called for by the prospectus or advertisement.
