The aim and objective of this research paper is to provide its reader a holistic understanding of the topic fines as a form of punishment. The article deals with the concept of punishment as evolved with time and particularly focuses on fines, its evolution as a penal provision, what are the various facets attached to fine when it is imposed as a form of punishment. The research paper deals with different theories of punishment so as to provide a foundational understanding of the concept of punishment and then it deals with fines. The question this papers seeks to answer is are there any guidelines provide by our legislature for imposition of fine as a form of punishment, what are the challenges faced by the judges when warding fine as a punishment, what are the different forms of monetary sanctions provided under the IPC and in each of these provisions what are the statutory challenges that the courts have to deal with when awarding punishment. The last and the final question which this research aims to explore and find an answer to is that, are fines serving purpose of deterrence or punishment and the goal of retribution provided by different jurists. This question gives this paper a broader picture and makes this research crucial if one wants to study about fines.