SCN cannot be issued after expiry of period to maintain records

Union of India Vs Citi Bank, N.A. (Supreme Court) It is a settled proposition of law that when the proceedings are required to be initiated within a particular period provided under the Statute, the same are required to be initiated within the said period. However, where no such period has been provided in the Statute, the authorities are required to initiate the said proceeding within a reasonable period. No doubt that what would be a reasonable period would depend upon the facts and circumstances of each case. Banking Companies (Period of Preservation of Records) Rules, 1985 require every Ba...