BANKING AFFAIRS

Detailed explanation-1: -Another important thing to note here is that a PoA remains valid only till the life of the principal. Within their lifetime also, one can revoke the PoA. An SPA gets revokes on its own as soon as the specific transaction for which it was executed is completed.

Detailed explanation-2: -Permanent or 5 years after closing of the office in India. Registered documents of companies which have been fully wound up and finally dissolved together with correspondence relating to such companies.

Detailed explanation-3: -Durable power of attorney The durable POA remains valid for the entire lifetime unless the principal explicitly annuls it.

Detailed explanation-4: -COMPANIES ACT A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year.