https://www.taxtmi.com/highlights?id=65297 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 en-us Sat, 27 Aug 2022 11:57:46 +0530 Sat, 27 Aug 2022 11:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65297 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 Highlights FEMA Sat, 27 Aug 2022 11:57:46 +0530 https://www.taxtmi.com/highlights?id=65297