Penalty for furnishing inaccurate financial transaction statements: institutions face fixed fines per account and recovery powers. A fixed penalty of Rs.50,000 applies for furnishing inaccurate information or failing due diligence in statements of financial transactions; reporting financial institutions face an additional Rs.5,000 per inaccurate reportable account when inaccuracies stem from false information supplied by account holders. Institutions may recover or retain amounts paid under the per-account penalty from the relevant account holders.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for furnishing inaccurate financial transaction statements: institutions face fixed fines per account and recovery powers.
A fixed penalty of Rs.50,000 applies for furnishing inaccurate information or failing due diligence in statements of financial transactions; reporting financial institutions face an additional Rs.5,000 per inaccurate reportable account when inaccuracies stem from false information supplied by account holders. Institutions may recover or retain amounts paid under the per-account penalty from the relevant account holders.
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