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| Home > Maintenance of Records > Procedure and Manner |
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| Procedure and Manner |
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Every banking company, financial institution and intermediary is required to evolve an internal mechanism for maintaining transactional details in such form and at such intervals as may be specified by the Reserve Bank of India , or the Securities and Exchange Board of India, or the Insurance Regulatory Development Authority as the case may be, from time to time.
Rule 5 of the 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 lays down the procedure and manner of maintaining information.
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"5. Procedure and manner of maintaining information
(1) Every banking company, financial institution and intermediary, as the case may be, shall maintain information in respect of transactions with its client referred to in rule 3 in hard and soft copies in accordance with the procedure and manner as may be specified by the Reserve Bank of India or the Securities and Exchange Board of India, as the case may be, from time to time.
(2) Every banking company, financial institution and intermediary, shall evolve an internal mechanism for maintaining such information in such form and at such intervals as may be specified by the Reserve Bank of India, or the Securities and Exchange Board of India, as the case may be, from time to time.
(3) It shall be the duty of every banking company, financial institution and intermediary, as the case may be, to observe the procedure and the manner of maintaining information as specified by the Reserve Bank of India or the Securities and Exchange Board of India, as the case may be, under sub-rule (1)."
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