There were rumors that the $1 a day fine was going to increase to $5 a day. Here's info about the proposal.
"If passed, the new law will allow you up to 183 days in a 365 day period and the fine for overstaying is $5 a day. You can read all 18 pages of the law at El Peruano."
The good news is that the law did NOT go into effect, but it did increase a bit. On Expatriates in Peru, Craig Ess asked about the fine on 16 September 2016. It's $1.25 (yes, that's US dollars that they use since the sol historically isn't stable). Not only that, but there are no other penalties for overstaying, and you can pay, leave, and then come back 10 minutes later.
Visa changes happened in 2008. As a tourist, you are allowed up to 183 days at a time and then you can either border hop or pay the $1.25 a day fine once you leave. Some people have been known to bargain especially those who overstay their visa by years. Yes, years. I've known people to overstay by 1, 2 and even 7 years. While it's not ideal, it's still done.
NB: I'll be taking a break from blogging at The Ultimate Peru List in March. While I'm gone you can take a look at my other blogs. New posts will be published starting in April.
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