Dear Abdul,
Are you in Karachi? I don't have info. on rules & practices followed in Pak.
In India, we used to follow certain procedure in this regard. They are common for both Govt. & Pvt.sectors.
1. First make out a policy stating clearly a classified document bifurcating into these categories -
a) Permanent document - All such as relevant to Regn.of Co. and other relevant doc. & info., Licences, Adopted Accounts,IT, Proceedings/minutes of Board meetings, share holders, personnel files of staff, Process & Product licences, formulae, flow charts, patents, trade tie-ups for know-how, JV, Fixed assets etc.
b) Semi Permanent (10 to 15 yrs) - Details of Current Assets, Client/customer agreements, POs, Bank statements & certificates, emails of strategic importance etc.
c) Not permanent (5 to 10 yrs.) -Ledgers, Vouchers, Invoices & receipts, materials/store ledgers, Pay roll prints (retaining data in digital form), DCs.
d) Temporary (2-5 yrs)- Advt.materials, drafts, scraps both fixed & current assets, shredded & mutilated papers.
You are free to modify to suit your policy. This pattern should be properly approved by your Board of Directors, Internal Auditors and above all should be consistent with the Govt. Rules & regulations.