Obligation to furnish statement of financial transactions requires reporting institutions to submit prescribed information timely and correct inaccuracies. Obligation to furnish statements of specified financial transactions or reportable accounts is imposed on a defined set of persons and prescribed reporting financial institutions who maintain records relevant to the Income-tax Act; such statements must be furnished to the prescribed income-tax authority or other prescribed agency in the form, manner and time as prescribed. Specified financial transactions are categorized by transaction type with Board-prescribed thresholds. Defective statements may be intimated and treated as invalid if not rectified within a given period, notices may compel filing, discovered inaccuracies must be corrected within a short prescribed period, and the Central Government may make rules on registration, information maintenance and due diligence for identifying reportable accounts.