MCA vide its general circular 05/2019 dated 12th April, 2019, clarified that now Companies are required to file data with regard to exempted deposits upto 31st March, 2019 (as opposed to the publication of earlier notification date i.e 22nd January, 2019). Now, Companies are required to file data of exempted deposits for the period of 01stApril, 2014 to 31st March, 2019, within 30 days from the deployment of a new version of DPT-3. EForm has been deployed on May 1 so due date becomes May 30, 2019.
Deposits have been defined under the Companies Act, 2013 ("2013 Act") to include any receipt of money by way of deposit or loan or in any other form by a company.
Form DPT-3 is required to be filed for deposit or particulars of the transaction not considered as deposit by every Company. Earlier only Companies who had accepted deposits were required to file the same.
There are 19 items mentioned under Rule 2(1)(c), Below are few items from the list that are excluded from the term ‘deposit’ whose reporting is now required to be made in FORM DPT 3:
Amount received as a loan from banks, banking companies etc.
Inter- corporate deposits
Amount received from directors/ relative of directors in case of a private company
WHAT IS THE NEW AMENDMENT ABOUT?
Now companies are required to report certain amounts which are technically not categorized as ‘deposits’ under Rule 2(1)(c) of the Rules issued earlier in 2014 in FORM DPT 3.
APPLICABILITY OF THE AMENDMENT:
The ministry of corporate affairs (MCA) notification prescribing amendments in the Companies (Acceptance of Deposits) Rules 2014.
Companies (Acceptance of Deposits) Amendment Rules, 2019: Every Company other than Government Company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in term of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to the date of publication of this notification in the official Gazette (i.e. 22nd January, 2019) in e-form DPT-3 within 90 days from the date of publication i.e. 21st April, 2019.”
The amendments require reporting of the details of outstanding sums of receipt of moneynot considered as a deposit as per Rule 2(1)(c) of the Rules issued earlier in 2014 in FORM DPT-3:
The period of such receipt of outstanding money or loan has to be considered from 1 April 2014 till the date of publication of the notification in the Gazette, i.e., 22 January 2019 (31.03.2019) and which are outstanding as on the said date. The reporting has to be done within 90 days of the said publication i.e. April 21, 2019. Now it is 90 days from March 31, 2019
A periodic return which will give the details of particulars of transactions which are not considered as deposits as per Rule 2(1)(c) of the Rules within 30th June of every year containing details as on 31st March.
WHICH COMPANIES WILL GET HIT BY THE AMENDMENTS?
All the Companies (Whether, Small, Non-Small, Private, Public, OPC, etc.) required to file DPT-3 after the publication of these rules for Secured or Unsecured Loan, ECB, the loan from Holding Company or Subsidiary Company or Associate Company or any other Loan.
The amendments will hit almost all companies irrespective of the status thereof, i.e., public or private, as it is almost impossible to not have any receipt of money which will not fall under the list given under Rule 2(1)(c).
WHO WILL BE EXCLUDED?
Banking and non-banking financial companies (NBFCs)
Housing finance company (HFC)
WHAT IS REQUIRED TO FILE DPT-3?
Latest Audited Balance Sheet
Date of issue and expiry of advertisement or circular
Particulars of deposits
Total number of deposits and deposit holder’s
Amount of deposits that have matured but not claimed
Particulars of charge
ATTACHMENTS TO THE FORM DPT 3:
Deposit Insurance contract – Mandatory if a company has deposit insurance and details of same are mentioned in the form
Copy of trust deed – Mandatory if a company has trust deed and details of same are mentioned in the form
Copy of instrument creating charge – Mandatory if a company has trust deed and details of same are mentioned in the form
List of depositors - List of deposits matured, cheques issued but not yet cleared to be shown separately – Mandatory if a company has a balance of deposits outstanding at the end of the year.
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