271D. Penalty for failure to comply with the provisions of section 269SS.

[(1)] If a person takes or accepts any loan or deposit [or specified sum] 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 [or specified sum] so taken or accepted.

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