What are the consequences of not filing statement of financial transaction or reportable account?

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..... 0 per day of default. However, section 285BA(5) (as discussed earlier) empower the tax authorities to issue a notice to the person directing him to file the statement within a period not exceeding 30 days from the date of service of such notice and in such a case person shall furnish the statement within the time specified in the notice. If person fails to file the statement within the speci .....

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