Whoever contravenes any of the provisions of this Act or of any rule or regulations made or does anything against any plan, project, or scheme sanctioned thereunder shall, if no other penalty is provided for such contravention, be punishable -

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(a) for the first offence, with fine which may extend to one thousand rupees ; and

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(b) for a second or any subsequent offence with fine which shall not be less than two hundred fifty rupees and not more than five thousand rupees.