Whoever contravenes any of the provisions of this Act, or of any rule or regulation made or scheme sanctioned thereunder shall, if no other penalty is provided for such contravention, be punishable-
(a) for the first offence, with fine which shall not be less than five rupees and not more than fifty rupees; and
(b) for a second or any subsequent offence with fine which shall not be less than twenty rupees and not more than two hundred rupees.