FEMA penalty

Hi,

As I understand, penalty for not converting resident account to NRO account is:

As per FEMA rules, the penalty for not converting resident account to an NRO account is up to 3 times the amount involved in it or Rs 2 lakh when the sum is not quantifiable. A daily penalty of Rs 5,000 will also be charged from the 1st day of intervention until the penalty is paid.

Unfortunaly I am in a situation, I did remittence from UK to to my India account (resident account), all taxes have been paid in UK for this income. and I purchased a property in India with this amount. The India account in question is still resident savings account and I am following up with bank to convert it.

Total in one financial year, about 20 lacs were credited and 25 lacs debited. An income tax officer has sent me a notice under section 148A.

Does it mean that the penalty for this could be 3 times of 45 lacs? Or I am not understanding this rule correctly?

I can't pay 1 crore 35 lacs. What option do I have? Is there any provision of waving of panalty as its 1st mistake?

Thanks.

PS: I did actually asked bank to convert my account when I was in India, submitted form with my documents but for some reason it didn't happen. I don't have any proof of it though.