Hi @Irfan Mughal ,
In SharePoint, you can manage records in an archive, or you can manage records in the same document repository as active documents.
You can also manage records “in place,” which means that you can leave a document in its current location on a site, or store records in a specific archive, such as a Records Center site.
Please refer to these official articles for more information:
Choose how to store and manage records
Implement Records Management
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