(1)The Excise Commissioner [and subject to such conditions as may be prescribed ] [Inserted vide the EOG No. 16 dated 25-04-1989.] the Deputy Commissioner, or any other Excise Officer specially empowered in that behalf may accept from any person whose licence or permit is liable to be cancelled or suspended under clause (a) or clause (b) of sub-section (1) of section 28 or who is reasonably suspected of having committed an offence under [clauses (b) to (h) of section 31] [Amendment vide EOG No. 16 dated 25-04-1989.] Section 32, section 33, section 34, section 35 or sub-section (2) of section 36, a sum of money not exceeding [one lakh rupees] [Amendment vide EOG No. 16 dated 25-04-1989.] and subject to such minima as may be prescribed, in lieu of such cancellation or suspension or by way of compensation for the offence, which may have been committed, as the case may be; and in all cases in which any property has been seized as liable to confiscation under this Act, may release the same on payment of the value thereof as estimated by such officer.
