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of <h1>Section 197 Update: New Penalties Introduced for Non-Compliance-Individuals Face 1 Lakh Fine, Companies Face 5 Lakh Fine.</h1> Section 197 of the principal Act is amended by omitting sub-section (7) and replacing sub-section (15) with a new provision. The new sub-section (15) stipulates that any individual failing to comply with the provisions of this section will incur a penalty of one lakh rupees. If a company is found in default, the penalty imposed will be five lakh rupees.
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