Section 45y of The Banking Regulation Act, 1966: Power of Central Government to make rules for the preservation of records.

Power of Central Government to make rules for the preservation of records. – The Central Government may, after consultation with the Reserve Bank and by notification in the Official Gazette, make rules specifying the periods for which-
(a) a banking company shall preserve its books, accounts and other documents; and

(b) a banking company shall preserve and keep with itself different instruments paid by it.

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