Penalty for failure to furnish financial transaction statements after notice, with a daily default-based penalty and statutory cap. Section 454 is substituted to create a penalty mechanism for failure to furnish a statement of financial transaction or reportable account after notice. If the required statement or account is not furnished within the period specified in the notice issued under section 508(7), the prescribed income-tax authority may impose a daily penalty beginning immediately after expiry of that period, subject to an overall statutory cap.