Companies (Acceptance of Deposits) Amendment Rules, 2019 By CS Chetan Agarwal


Companies (Acceptance of Deposits) Amendment Rules, 2019
Notification Date - 22nd January 2019

Summary:-

1. Every company receiving monies deposits, loan, ICD, advances, etc. is required to file DPT-3 annually.


2. One time return for every company who have outstanding monies which are not deposits as per rule 2(1) (c) (Specified in Annexure-1.)

Meaning of Deposits Section 2(31) - Deposits includes any receipt of money by the way of loan or in any other form by a company but doesn’t include categories as mentioned hereunder in Annexure-I.

Explanation of Amendment Rule/Notification/ Circular

Applicable form &
Due Date of Filing

Δ Rule-16

¤ Clarifies that Return of Deposit (DPT-3) to be filed by every company other than government company for:-

a. Deposits,

b. Transaction not considered as deposits, as mentioned in Annexure-1 or

c. Both.

Δ Rule-16 A(3)-Newly Inserted

¤  Every company other than Government Company shall file a one-time return of outstanding loan by the company but not considered as deposits from 1st April 2014 till 22nd Jan 2019.

Δ DPT-3 with 90 days from the date of publication of notification i.e. 20th April 2019. However amended form in yet to be notified.

Δ  In case of non-compliance fine of 

Rs. 500 per day as specified in Rule-21.

 
Transactions which are not Considered as Deposits (Annexure- 1)

  • Amount received from Central Government, State Government and Local/ State Authority.
  • Amount from Foreign Government, Foreign & International Bank, etc. as per FEMA.
  • Amount received as a loan or facility from Banks, PFIs, and CPs.
  • Interest-free security deposits.
  • Convertible bond/ debenture
  • Share application money except not allotted/ refunded
  • Business advances- Supply of Goods/Services-365 days, Against Immovable Property.
  • Security deposit for the performance of a contract for the supply of goods or provision of services.
  • Advance for providing future services in the form of warranty or maintenance contract.
  • Advance received and as allowed by the sectorial regulator as per central government & state government.
  • Advance for subscription towards publication.
  • In case company accepting money doesn't have necessary permission or approval to deal in goods or properties or services.
  • The amount received by a company under the Collective Investment Scheme in compliance with regulations framed by SEBI.
  • Any Amount received by way of subscription in respect of a chit under Chit Fund Act, 1982.

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