15.
| (1) Where any commercial bank, specialized bank finance company or authorized dealer-
| | (a) Fails to comply with, or contravenes, any provision of this Act or any requirement imposed under this Act or any regulation made under this Act ; | | |
| | (b) Knowingly makes any false statement in or knowingly omits any material particular from, any return or information furnished by such commercial bank specialized bank, finance company or authorized dealer. | | |
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| (2) Any person who, holding an account in a commercial bank opens a collection or special current account on the basis of a false declaration or acts in breach of an undertaking furnished at the time of opening the current account shall be liable to pay to the Commissioner-General a sum not exceeding rupees one million plus twice the amount of the debits tax not recovered as a result of such action as penalty upon the issue of notice under section 10 of this Act. |
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| (3) Every person who contravenes the provisions of subsection (3) of section 14 shall be guilty of an offence under this Act and shall on conviction after summary trial before a Magistrate be liable to a fine not exceeding one hundred thousand rupees to imprisonment for a term not exceeding six months. |
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Sri Lanka Consolidated Acts