RECENTLY, I was addressing some college students on the importance of collecting and keeping receipts as ‘proof of purchase’ when a query from a student really got me thinking—“How long should one keep these receipts? Surely we cannot keep them forever?” she asked me.That depends on the product, I said. Take for example, clothes. Whenever you buy clothes, it is best that you keep the receipt till the first wash or dry-cleaning. If the color runs or the fabric shrinks or shows up some other defect, you will need the receipt for redress of your complaint. But here again, if the clothes are meant for daily wear, then you will obviously wash it or get it dry-cleaned quite quickly. But if it’s an expensive sari that you will use very occasionally, then you may not have it dry-cleaned for a long time— which means you will have to keep the receipt too for a long time.

If it’s furniture, I would again think that it’s best to keep the receipt for some years because in case the wood turns out to be of poor-quality or borer infested, you will to get back to the shop from where you purchased it. Sometimes, at the time of re-polishing the furniture, you may get to know that the furniture is made of good quality, well-seasoned teak. So there again, you will need the receipt to go back to the furniture shop, demanding your money back.

If it’s a mattress, how long you keep the receipt depends on the warranty on the assurance given by the shop keeper at the time of purchase. However, you certainly need to keep it safe because in case the mattress turns out to be of poor quality, you need the receipt. After all the receipt is an important proof of purchase; it shows where you bought it, when and how much you paid for it.

Receipt of electronic goods, too, should be kept as long as possible, certainly a little beyond their warranty period. It is equally important to keep the warranty card, along with the receipt. But do make sure that the warranty card is duly stamped by the retailer.

Receipt that come with your purchase of gold or silver are those that need to be kept life-long. You not only need them as proof of purchase in case of any issue about the purity of the product, but also if you want to sell the precious metal or exchange it for any other piece of jewelery at a later stage. You need these receipts for insurance purpose too-if you are insuring them, it is always helpful to have those receipts, even though the valuation would depend on the current price of gold. Receipts pertaining to sale or purchase of property, too, need to be kept absolutely safe – it would be better to make  photo-copies and lamination the original so that they remain safe.

Having said all that, I must emphasizes that the receipt to be of value, should mention the name and address of the seller, the date of sale and clearly describe the product being sold. If it’s an electronic item, it must mention the name of the brand, the model, the warranty period and such other details. If it’s gold, then obviously it should mention whether it is hallmarked, its total weight, cartage, the making charges, etc.

Similarly, medicines should mention the name of the medicine, the batch number and the expiry date. So also receipt of food items—most people throw them away but I would suggest that you keep them till the food item is eaten or exhausted. It is equally important to collect and preserve receipts of after-sales service because in case of a disputes, these provide an important document – proof of defect in the product or the fact that despite repeated repairs, the product was not functioning properly. So do maintain a file and keep the receipts safe.

I must mention here that once the proposed amendments to the Consumer Protection Act are passed by Parliament and notified, you will probably find it easier to get cash receipts from retailers and service providers.

That’s because one of the amendments proposed in the Bill for any payment made towards services or goods, under the definition of ‘unfair trade practice’. And the law gives consumers and right to be protected against unfair trade practices and the right to be compensated for  any loss or injury caused on account of an unfair trade practice.