In layman language fine is imposed on punishment of wrongdoing. For example, if anyone violates the traffic laws then he/she will be charged with fine.
In layman language penalty is imposed when one is supposed to do or not to do a particular act. For example, if anyone has not pay electricity bill on due date then he/she will be charged with penalty.
A fine is imposed by a court (like: NCLT,HighCourt)
A penalty is issued by an appropriate authority when you have not complied with the law.
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