I agree with claire. I dislike punishment as it feels like a parenting action to me, and I am not into that sort of play.
However, I do like pain, and hubby likes to give it.
You donīt need a reason. You donīt have to do punishments "just because everybody else seems to do them".
What is appropriate and wanted in your relationship should be determined between you and your partner, not based on any valid-for-all rules (which donīt exist anyway).