24. Penalty for falsely claiming to be a member, etc. -Any person who, -
(i)not be ing a member of the Institute ,- (a)represents that he is a member of the Institute; or (b)uses the designation Chartered Accountant, or (ii)being a member of the Institute, but not having a certificate of practice, represents that he is in
practice or practices as a chartered accountants,
shall be punishable on first conviction with fine which may extend to 2[one lakh rupees ], and on any
subsequent conviction with imprisonment which may extend to six months or with fine which may extend
to 3[five lakh rupees ], or with both.