Section 57. Penalty for failure to furnish security or additional security

Where a dealer fails to furnish the initial security or the additional security as directed to be furnished under section 15 within the time specified therein, the authority competent to grant him registration or the assessing authority, as the case may be, may direct that such person shall pay by way of penalty 3[a sum not exceeding rupees two thousand and a further penalty of rupees twenty five for every day] till the requisite security or additional security is furnished.