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        FEMA

        How long should a Bank keep records - Violation of the...

        Banks Not Required to Keep Transaction Records Over 8 Years; Notices for Older Transactions Unfair, Unreasonable.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                How long should a Bank keep records - Violation of the provisions of the FERA - Undisputedly, no such order has been placed on record which required the respondents-Banks to preserve records concerning the transactions in question for a period longer than eight years.It could thus be seen that even under the said Rules, the Banks are required to preserve the record for five years and eight years respectively. On this ground also, permitting the show cause notices and the proceedings continued thereunder of the transactions which have taken place much prior to eight years would be unfair and unreasonable.- SC
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