Companies (Acceptance of Deposits) Amendment Rules, 2019
Ministry of Corporate Affairs vide its notification dated January 22, 2019 amended the Companies (Acceptance of Deposits) Rules, 2014.
1. Came into force w.e.f. 22ndJanuary 2019.
2. Deposits does not include any amount received from Real Estate Investment Trust.
3. Explanation to Rule 16 clarifies that Form DPT- 3 shall be used for filing return of deposit or particulars of transactions not considered as deposits or both by every company except Government Company.
New Insertion in Companies (Acceptance of Deposits) Rules, 2014
Rule 16A (3) states that
Every company shall file Form DPT-3 (one time return) for outstanding receipt of money or loan by a company but not considered as deposits in terms of money from the period 1st April, 2014 to 22ndJanuary, 2019 within 90 days earlier till 22nd April, 2019 along with fees provided.
As per the recent notification, reporting of the period shall be made from the period 1st April, 2014 to 31st March, 2019 within 90 days from 31st March, 2019 i.e. on or before 29th June, 2019.
Attachment to Form DPT-3
· Auditor’s Certificate
· Copy Trust Deed
· Instrument creating charge
· List of depositors
· Liquid Assets
· Details of the loan and the parties from which loan taken.
Conclusion
This amendment has brought to widen the scope of reporting requirements as, previously only deposits or items in nature of deposits were required to be reported but now, it has also included in its scope loans and other outstanding receipts.
FAQ’s
Question 1: On what type of Companies, amendment is applicable?
Private Company, Public Company, One Person Company, Small Company, Dormant Company etc.
Question 2: Due Date for Filing Form DPT-3?
29th June, 2019
Question 3: What kind of loans to be reported in Form DPT-3?
DPT-3 is required for all types of loan whether it is secured/unsecured/ECB or loan received from Holding Company or Subsidiary Company or any Associate Company.
Question 4: What period is to be covered for filing this return?
Outstanding Receipt or loan from 1st April, 2014 to 31st March, 2019 shall be reported in Form DPT-3.
Question 5: Outstanding Receipt or loan became due before 1stApril, 2014?
If balances of outstanding receipt or loan appears in the record of the company as on 31st March, 2019, then company have to file form DPT-3.
Question 6: Outstanding Receipt or loan taken after 1stApril, 2014 and such loan is not outstanding then?
No need to file as there is no outstanding balance as on 31st March, 2019.
Question 7: Whether certification required for the form?
PCS/PCA/PCMA or Advocate Certification is not required.
For your ready reference : www.mca.gov.in/AcceptanceDepositsAmendmentRules2019
For any Queries or suggestions do reach out at
arpit959@gmail.com
Nice article 👍
Thank you☺
Is loan taken from director also considered?
Any loan which is not covered under the definition of deposits have to be reported irrespective the loan is taken from director or not. So,if the loan was taken from director, DPT-3 have to be filed.
Hello,firstly the article is really informative and helpful.
Thank you!
Recently I had been through the form, under point 3 it has 4 options to choose from among them 2 of them are similar in nature..
Could you please clarify when to go for the one time return option and when to provide the particulars..
Hello, thank you for your valuable feedback, it means a lot.
So, Basically for the current year we have to file the form twice i.e. one for the period starting from 01/04/2014 to 31/03/2019 which is a one time return, second is the one which have to be filed every year by the company who have accepted deposit from the public which is a Return of Deposit.
Then the other 2 points are the one in which we have to give details of the deposit that have been accepted by the company from the public but are not deposits as per the rule.
I hope this will suffix your need.
Thank You.