(a)may accept from any person whose license, permit or pass is liable to be cancelled or suspended under clause (a), clause (b) or clause (c) of [sub-section (1) of section 42] [Substituted by section 47(2)(a), ibid for the word and figures section 42.], or who is reasonably suspected of having committed an offence punishable under [any section of this Act other than [[section 46A, section 46AA,] [Substituted by section 26(b) of the Bengal Excise (Amendment) Act, 1914 (Bengal Act No. 7 of 1914) for the words and figures section 49, section 51, section 54 or section 59.] section 48 and] section 58] payment of a sum of money, not exceeding [three lakh] [Substituted by section 16(2) of the Bengal Excise (Amendment) Act, 2012 (West Bengal Act No. 16 of 2012) for the words fifty thousand, which were earlier Substituted by section 2(6)(ii) of the West Bengal Finance Act, 1997 (West Bengal Act No. 5 of 1997) for the words five thousand.] rupees, in lieu of such cancellation or suspension or by way of composition for such offence, as the case may be; and