form no 15h 15g

Yes,as per section 197 A copy of such declaration i.e form shall be forwarded to CCIT/CIT on or before 7 days from the end of the month in which such declaration are furnished  

Yes copy of the declaration furnished by the tax payer to the Bank, or other financial institution ,which pays interest on money deposited ,has to file the declaratrion before the Commissionr of Income-tax, having jurisdiction over the tax payer , within 7 days from the nd of the month in which the declaration was failed.

Any failure would entail in levy of penalty by the Competent Auhority (Joint Commissioner) under section 272A(2)(f), which shall b eRs.100 per day of default, until th day the default continues.