What are the new rules for the Return of Deposits?

On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014. Now as per the new guideline, every company other than the government companies has to file a onetime return of loans. Those which has not been treated as deposits by the company previously. 

Companies (Acceptance of Deposits) Amendment Rules, 2019.

1) (a) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules,2019.

(b) They shall come into force on the date of their publication in the Official Gazette.

2)  In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1), in clause (c), in sub-clause(xviii), after the words “Infrastructure  Investment trusts,” the words “Real Estate Investment Trusts” shall be inserted.

3) In the said rules, in rule 16, the following Explanation shall be inserted, namely:-

“Explanation.- It is hereby clarified 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.”.

4)  In the said rules, in rule 16(A), after sub-rule (2), the following sub-rule shall be inserted, namely:-

“(3)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 the date of publication of this notification in the Official Gazette, as specified in Form DPT-3 within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees)Rules, 2014.”.

A. Applicability to file :

Form DPT-3 filing must be made by all companies other than a Government company.

Hence, All Private Limited Company, One Person Company ( OPC) , Limited Company or

Section 8 Company would be required to file Form DPT-3.

B. Non Applicable :

a) Non Government Company

b) The Company not accepting any loan or does not have outstanding Loan.

C. Due Date :

As per the notification of MCA, the date of filing Form DPT-3 is within 90 days of publication of this notification. Hence, the due date for filing Form DPT-3 is 22nd April 2019.

D. Loan Covered under DPT – 3

a) All the outstanding receipt of money or loan from the period of 1st April 2014 to 22nd January 2019 will be covered.

b) In case any loan is due before 1st April 2014 and is still outstanding in the records of the company.

c) If there is no outstanding Loan company does not accept any loan then there is no need to file DPT – 3 form

d) Both Secured and Unsecured Loan Covered in DPT-3 Form.

E. Understanding the effect of amendment : 

Relevant Amendment Applicable to Type of Return Due Date
Rule 16 Every company other than Government Company Return of deposit or particulars of transactions not considered as a deposit or both to furnish the information contained in its audited financial statements as on 31st March of the previous year On or before 30thJune of every year
Insertion of Rule 16A(3) Every company other than Government Company One time return of outstanding receipt of money or loan by a company which is not considered as deposits from 1stApril 2014 to the date of publication of this notice i.e. 22nd January 2019 Within 90 days from 22nd January 2019 i.e. on or before 22nd April 2019

F. Documents required for attachment :

a) Certificate for Auditor

b) Proof of trust deed –

c) An instrument creating charge

d) Particulars of Liquid assets if any

e) List of Depositors – List of deposits matured cheque issued but not yet cleared to be shown separately – Mandatory if company has balance of deposits outstanding at the end of the year.

f) Optional attachment

Disclaimer :  All Readers are advised to refer relevant provision of law before applying or accepting any of the point mentioned above or not. Author accepts no responsibility whatsoever and will not be liable for any losses, claims or damages which may arise because of the contents of this write up.

The author is practicing CA and reached at dhavaldoshi1988@gmail.com , Cell No. +91 94282 28267.

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