Penalty under section 271FAA: monetary sanctions on reporting financial institutions for inaccuracies caused by account holder misinformation. The provision prescribes a base penalty of fifty thousand rupees on reporting financial institutions under section 271FAA, plus an additional penalty of ... Summary
Penalty under section 271FAA: monetary sanctions on reporting financial institutions for inaccuracies caused by account holder misinformation.
The provision prescribes a base penalty of fifty thousand rupees on reporting financial institutions under section 271FAA, plus an additional penalty of five thousand rupees for each reportable account where the statement contains inaccuracies caused by false or inaccurate information provided by the account holder.
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