(5)If any intermediary fails, without sufficient cause, to make the application to the Collector or to file the documents, certificate and declaration required by clause (4) within the period specified in clause (3) or within such extended periods as may be allowed by the Collector in this behalf, the intermediary shall be liable to a penalty which may extend to fifty rupees for every day after the expiration of said period or the extended period until such application has been made and the documents, certificate and declaration have been filed and such penalty shall be realised as a public demand:Provided that where the sum of such penalty exceeds five hundred rupees, the Collector shall refer the matter to the Commissioner whose orders thereon shall be final:Provided further that the Commissioner may at any time, of his own motion or on the application of any intermediary, revise any order of the Collector imposing any penalty and the order of the Commissioner on revision shall be final.
