<s>[INST] What is the amount of penalty levied under section 271FAA? [/INST] ​Rs. 50,000

Further, an additional penalty of Rs. 5,000 per reportable account is imposed on the reporting financial institutions if there is any inaccuracy in statement of reportable account and such inaccuracy is due to false or inaccurate information submitted by the holder of reportable accounts.​ </s>