Obligation to furnish financial transaction and reportable account statements requires prescribed persons to report specified transactions to tax authorities. The Act requires designated persons and institutions who register or maintain records of specified financial transactions or reportable accounts to furnish statements containing information relevant for the Act to the income-tax authority or other prescribed agency, with prescribed timelines, form, and manner; it defines specified financial transactions subject to prescribed value thresholds, delegates procedural and due diligence rules, and prescribes processes for defect rectification, notices for non-filing, and correction of inaccuracies.