Bank audit
This query is : Resolved
13 May 2014
is it necessary for bank to hold cancelled if yes then for what period ???
or it can destroy cheque??
please help
Sandeep Dharar
(Expert)
13 May 2014
Yes it is necessary for the bank till the audit of that financial year has not been done.
Sandeep Dharar
(Expert)
13 May 2014
And till the assessment of that FY completed.
Nikhil Kaushik
(Expert)
13 May 2014
sorry. I believe PMLA act should apply here. In such a case duration should be ten years. correct me if I am wrong.
refer Rule 6 of Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005
refer Rule 6 of Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005
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