Section 7, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-2E9]
As at 7 September 2026. In force from 28 August 2017.
7. Maintenance of records and furnishing of returns.—(1) Every borrower shall maintain such records and registers relating to the borrowing of money as may be prescribed and shall preserve them for a period of five years. (2) Every borrower shall furnish to the Reserve Bank a return in Form B within seven days from the end of every financial year, and such other information as the Reserve Bank may, by order in writing, require.
Defined terms in this text (2)
borrower: Section 2, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28297] (In this Act, unless the context otherwise requires,—): "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted
borrower: 25 more definitions.
Reserve Bank: Section 2, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28297] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)
Reserve Bank: 24 more definitions.
Made under this section, or naming it (0)
none
Cited by (1)
Section 38, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-3DB], 28 August 2017, Band A. "section 7".
Not held (0)
none
Duties published under this section (1)
D12-1T9. Every borrower: Maintain records and registers of the borrowing of money; preserve for five years; furnish the annual return in Form B; seven days from the end of every financial year; Form B. Published by Department of Financial Services, Ministry of Finance (synthetic record).