⁹⁶[Penalty for failure to comply with the provisions of section 269SS.

271D. ⁹⁷[(1)] If a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.]

⁹⁸[(2) Any penalty imposable under sub-section (1) shall be imposed by the ⁹⁹[Joint] Commissioner.]