(2)If any person fails to produce any book, account or other document or to furnish any statement or information which under sub-section (2) of section 35 it is his duty to produce or furnish, or to answer any question relating to the business of a banking company which he is asked by [an officer making an inspection or scrutiny under that section] [Substituted by Act 1 of 1984, Section 38, for " an officer making an inspection under that section" (w.e.f. 15.2.1984).], he shall be punishable with a fine which may extend to [twenty lakh rupees] [Substituted for the words "two thousand rupees" by Act No. 4 OF 2013] in respect of each offence, and if he persists in such refusal, to a further fine which may extend to [fifty thousand rupees] [Substituted for the words "one hundred rupees" by Act No. 4 OF 2013] for every day during which the offence continues.
