(1) Where any person contravenes the provisions of section 94A by organising an exhibition-cum-sale without obtaining permit, the Commissioner, the Special Commissioner or the Additional Commissioner may, after giving such person an opportunity of being heard, impose upon him a penalty not exceeding fifty thousand rupees.

(2) A penalty imposed under sub-section (1), shall be paid by the person upon whom it is imposed into a Government Treasury or the Reserve Bank of India by such date as may be specified by the authority referred to in sub-section (1), in a notice to be issued for this purpose, and the date so specified shall not be earlier than fifteen days from the date of issue of such notice:

Provided that the authority may, for reasons to be recorded in writing, extend the date of payment of the penalty for such period, as he may think fit.