Penalty for failure to furnish statement of financial transaction or reportable account.

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.... to furnish statement of financial transaction or reportable account. 454. (1) If a person who is required to furnish a statement of financial transaction or reportable account under section 508(1)....

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.... section 508(7), he shall pay penalty of one thousand rupees for every day during which the failure continues, beginning from the day immediately after the time specified in the such notice for furnis....