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What is the penalty for not keeping stock records?

Question: What is the penalty for not keeping stock records?
  • A. No penalty
  • B. Only Rs. 10,000 fine
  • C. Up to 3 years jail or Rs. 1 million fine or both ✓
  • D. Only warning
Correct Answer: C. Up to 3 years jail or Rs. 1 million fine or both
Explanation: Failure to maintain stock records carries jail or fine.

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