A major overhaul of banking record laws is set to take effect. This change recognizes various formats of record-keeping, including electronic and cloud-based storage. Backup and disaster recovery locations are also covered under the new definition of banking records. The legislation has received presidential approval and will be implemented by the finance ministry. Further details about the upcoming changes can be found in the original report. The new law replaces outdated legislation from 1891 and takes a technology-neutral approach. It is scheduled to come into force on October 1, 2026.

The finance ministry has issued a notification to implement the new law.

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