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 0

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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