Whoever, in contravention of the provisions of this Act, or of any rule, regulation or order made or of any licence or permit granted thereunder, ex- ports, imports, transports, sells or has in his possession molasses shall, on conviction, be punished with imprisonment for a term which shall not be less than three years but which may extended to five years or with fine which shall not be less than twenty-five thousand rupees but which may extend to fifty thousand rupees or with both.