awkワンライナーがその仕事をするかもしれません:
awk '/PINITIAL BALANCE/{for(x=NR-2;x<=NR+2;x++)d[x];}{a[NR]=$0}END{for(i=1;i<=NR;i++)if(!(i in d))print a[i]}' file
テスト:
kent$ cat file
######
foo
D28/10/2011
T-3.48
PINITIAL BALANCE
M
x
bar
######
this line will be kept
here
comes
PINITIAL BALANCE
again
blah
this line will be kept too
########
kent$ awk '/PINITIAL BALANCE/{for(x=NR-2;x<=NR+2;x++)d[x];}{a[NR]=$0}END{for(i=1;i<=NR;i++)if(!(i in d))print a[i]}' file
######
foo
bar
######
this line will be kept
this line will be kept too
########
説明を追加
awk '/PINITIAL BALANCE/{for(x=NR-2;x<=NR+2;x++)d[x];} #if match found, add the line and +- 2 lines' line number in an array "d"
{a[NR]=$0} # save all lines in an array with line number as index
END{for(i=1;i<=NR;i++)if(!(i in d))print a[i]}' #finally print only those index not in array "d"
file # your input file