60. Penalty for not furnishing security or additional security.
- Where a dealer carries on business without furnishing the security or the additional security as directed to be furnished under Section 23, the authority competent to grant registration or the assessing authority, as the case may be, may direct that such person shall pay by way of penalty, a sum not exceeding Rs. 2000/- and in the case of a continuing default, a further penalty of Rs. 25/- for every day of such continuance.
