The manufacturer of the medicines only approximates the expiry date, and  the power of that medicine will not completely destroy but may become less effective than if used before. 

The meaning of printing Expiry date is the manufacturer is willing to guarantee the product within that date. Several incidents have shown medication can be effective for years after expiry date.

Most of the allopathy medicines came in solid form of tablets and are made of chemicals. These medicines are kept in tightly closed container and are kept in moderate temperature. So nothing great will change to these medicines till they are kept under proper temperature and in proper condition.

True. As long as the Medicines are storedin ideal conditions, their effectiveness will remain even after expiry date. Even on labels printed on the Medicines  one can see, "Keep in a cool and dry place".

It sounds good but if practised without being very sure about it then there remains a great amount of risk. I feel, there is no need to take risk when the condition of health matters the most. 

If the Medical Shop owner is very well known to you and you are sure that he's not selling spurious medicines as many Medical shops are doing in the present days, you can buy the medicines. Anyhow one should not take the things for granted when it comes to one's own health.

Neither the medical shop owners are the doctors nor they are the manufacturers that we should rely on their advice. I consider it to be too risky.

I don't think so. Registered Medical stores are authorized by the Manufactures. This authorization means Medical shops are bound to deal and sell  only original Medicines manufactured by the Manufacturers. For example, Parke Davis company. Its not all, the Medical shops are obliged to display the Authorization in their shops.

I used to normally keep all syrups and tablets in the fridge when children were younger but now I buy only when there is need and dont store any medication at home . But storing the refrigerator keeps the medication safe for a longer time !

I don't use Medicines. My wife uses BP tablets, which stores in the fridge.