Amendment of section 285BA.

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.... institution; or (l) a person, other than those referred to in clauses (a) to (k), as may be prescribed,"; (ii) in sub-section (3), the second proviso shall be omitted; (iii) in sub-section (4), for the words "such statement shall be treated as an invalid statement and the provisions of this Act shall apply as if such person had failed to furnish the statement", the word....

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....s that the value or aggregate value of prescribed specified financial transaction during a financial year shall not be less than fifty thousand rupees. It is further proposed to omit the said proviso. Sub-section (4) of the said section, inter alia, provides that if the defect in the statement is not rectified within the time specified therein, the statement shall be treated as invalid. I....