Penalty for failure to furnish report under section 286 imposes escalating daily fines and a higher post order penalty. Section 271GB establishes penalties enforceable by the prescribed authority for reporting entities under section 286: graduated daily fines for failure to furnish the required report (with a higher rate after one month), daily penalties for failure to produce documents after the notice period, intensified daily penalties after service of a payment order, and a fixed, substantial penalty where inaccurate information is furnished and not timely corrected within fifteen days.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to furnish report under section 286 imposes escalating daily fines and a higher post order penalty.
Section 271GB establishes penalties enforceable by the prescribed authority for reporting entities under section 286: graduated daily fines for failure to furnish the required report (with a higher rate after one month), daily penalties for failure to produce documents after the notice period, intensified daily penalties after service of a payment order, and a fixed, substantial penalty where inaccurate information is furnished and not timely corrected within fifteen days.
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