Section 103(J) - Amendment of Act 32 of 1994 - Amendment of Section 89 - Finance Act, 2013

103. In the Finance Act, 1994, . . ( J ) in section 89, ( a ) in sub-section ( 1 ), for clauses ( i ) and ( ii ), the following clauses shall be substituted, namely: ( i ) in the case of an offence specified in clauses ( a ), ( b ) or ( c ) where the amount exceeds fifty lakh rupees, with imprisonment for a term which may extend to three years: Provided that in the absence of special and adequate reasons to the contrary to be recorded in the judgment of the court, such imprisonment shall not be for a term of less than six months; ( ii ) in the case of the offence specified in clause ( d ), where the amount exceeds fifty lakh rupees, with imprisonment for a term which may extend to seven years: Provided that in the absence of special and adequate reasons to the contrary to be recorded in the judgment of the court, such imprisonment shall not be for a term of less than six months; ( iii ) in the case of any other offences, with imprisonment for a term, which may extend to one year. ; ( b ) for sub-section ( 2 ), the following sub-section shall be substituted, namely: ( 2 ) If any person is convicted of an offence punishable under ( a ) clause ( i ) or clause ( iii ), then, he shall be punished for the second and for every subsequent offence with imprisonment for a term which may extend to three years; ( b ) clause ( ii ), then, he shall be punished for the second and for every subsequent offence with imprisonment for a term which may extend to seven years. ;