MCA amends Acceptance of Deposits Rule/s; now every company will be required to file a onetime return of outstanding receipt of money or loan by it but not considered as deposits

MCA amends Acceptance of Deposits Rule/s; now every company will be required to file a onetime return of outstanding receipt of money or loan by it but not considered as deposits

January 28, 2019 CORP, Industries, states 4

The Ministry of Corporate Affairs (“MCA”) has through a notification dated 22nd January, 2019 issued the Companies (Acceptance of Deposits) Amendment Rules, 2019 (“Amendment Rules”).

Key highlights:

  1. An explanation has been added under Rule 16 which deals with Return of deposits to be filed with the Registrar, which states that Form DPT 3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.

Implication:

This implies that Form DPT 3 shall be used for filing returns of deposit or particulars of transaction not considered as deposit or both by every company other than a Government Company.

  1. A new Rule has been inserted after Rule 16(A) sub rule (2) which states that 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 terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 22nd January, 2019, as specified in Form DPT-3 within 90 days from the 22nd January, 2019,i.e, 22nd April, 2019 along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

Implication:

Rule 16 (A) deals with the provisions of disclosures in the financial statement by a company (other than a private company). The addition of the new provision implies that a company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company from1st April, 2014 to 22nd January, 2019, as specified in Form DPT-3 within 90 days from the 22nd January, 2019 i.e., 22nd April, 2019 along with the prescribed fee.

  1. Form DPT 3, which deals with the Return of Deposits to be filed by a company have been revised.

SourceMinistry of Corporate Affairs

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4 Comments

  1. purvi daga

    May 5, 2019
    Reply

    What if laon was taken before 1st april 2014 but after movements, some amount is still outstanding?

    • Lexplosion

      May 8, 2019
      Reply

      Please mail your query in details at inquiries@lexplosion.in

    • Ritu

      June 6, 2019
      Reply

      That will be considered in annual return not in one time return.

      • Lexplosion

        June 10, 2019
        Reply

        Hi Ritu, The one time return is a new requirement notified under the Rules to be filed by June 29, 2019. The annual return in DPT 3 will be continued to be filed separately as per the existing timeline. For any other query, do mail us at inquiries@lexplosion.in

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