Section 58: Accounts to be maintained accurately

1) A bank or financial institution shall have to maintain its accounts, books, and records precisely and correctly.

2) The accounts to be maintained pursuant to sub-section (1) shall have to be maintained according to the recognized principle of a double-entry bookkeeping system reflecting the exact status of transactions of the bank or financial institution.

3) Without prejudice to the generality of sub-section (1) and (2), a licensed branch or office of a foreign bank or financial institution shall have to prepare and maintain financial statements, including separate accounts, books and records of its assets, liabilities, income and expenses and profit and loss accounts.

4) Unless otherwise approved by the Rastra Bank, the accounts and other statements to be maintained pursuant to sub-section (1) shall have to be maintained at its central office.