law: The Prevention of Money-Laundering Act, 2002
  Chapter IV
  
  Obligations of Banking Companies, Financial Institutions and Intermediaries
  12. Banking
  
  companies, financial institutions and intermediaries to maintain records.-
  1.  Every
  
  banking company, financial institution and intermediary shall-
  a.   maintain a record of
  
  all transactions, the nature and value of which may be prescribed, whether such
  
  transactions comprise of a single transaction or a series of transactions
  
  integrally connected to each other, and where such series of transactions take place
  
  within a month;
  b.   furnish information
  
  of transactions referred to in clause (a) to the Director within such time as
  
  may be prescribed;
  c.   verify and maintain
  
  the records of the identity of all its clients, in such manner as may be
  
  prescribed: Provided that where the principal officer of a banking company or
  
  financial institution or intermediary, as the case may be, has reason to
  
  believe that a single transaction or series of transactions integrally
  
  connected to each other have been valued below the prescribed value so as to
  
  defeat the provisions of this section, such officer shall furnish information
  
  in respect of such transactions to the Director within the prescribed time.
  1.  
  2.  The
  
  records referred to in sub-section (1) shall be maintained for a period of ten
  
  years from the date of cessation of the transactions between the clients and
  
  the banking company or financial institution or intermediary, as the case may
  
  be.