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<h1>False verification statements attract criminal imprisonment and monetary penalty under the Black Money Act provisions.</h1> A person who, in any verification under the Act or rules thereunder, or by delivering an account or statement, makes a statement which is false and which he either knows or believes to be false, or does not believe to be true, shall be punishable with rigorous imprisonment for a term not less than the minimum statutory period and potentially extending to a longer term, and with fine.