New e-form DPT3 – latest Buzz word in ROC filing

On 22nd January, 2019 MCA came up with a new sub-rule under Companies (Acceptance of Deposits), Rules, 2014 which says that every company (other than government company) shall file an onetime return of outstanding receipt of money or Loan by a Company but not considered as deposits and an explanation is added in Rule 16 of Companies (Acceptance of Deposits), Rules, 2014 in e form DPT-3 .

Let’s understand these provisions one by one.

Rule 16A (3) [Newly added sub rule] vide 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 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.”.

Law says, Every Company, be its small company, Public company, Private Company, One Person Company shall file an e Form DPT-3 for a period from 1st April, 2014 to the date of publication of this notification i.e. 22nd Jan, 2019.

In this article, we shall discuss the various FAQs in this respect:

1. What does ‘Outstanding receipt of money or loan’ means??

Ans: Any loan treated as Deposit or not outstanding From 1st April, 2014 to 22nd January, 2019.

2. Who shall file Form DPT-3?

Ans: Every Company other than Government Company has to file Form DPT-3.

3. Is there any exemption to this form to any company?

Ans: No, there is no exemption as such. Only government Companies are not required to file Form DPT-3.

4. What is the time limit to file the form?

Ans: The Form has to be filed within 90 days from the date of publication of said notification. The said notification was published on 22nd January 2019 and accordingly, we have to file the Form DPT-3 latest by 22nd April, 2019.

5. What period is to be covered for filing this return??

Ans: The period which is covered for filing this return is from 1st April, 2014 to 22nd Jan, 2019.

6. Is there any fees for filing the form?

Ans: Yes, fees shall be payable as per the Companies (Registration Offices and Fees) Rules, 2014.

7. What information is required to be furnished?

Ans: Every Company shall furnish onetime information about the outstanding receipt of money or loan by a Company but not considered as deposits. However, in case the Company has deposits then also the Company has to file Form DPT-3 providing requisite information about deposits by the end of June, 2019.

8. Whether information about secured loan, unsecured loan, ECB, loans between holding and subsidiary is required to be furnished?

Ans: There is no specific exemption in the said notification regarding the above referred loan,so,  it can be concluded that information about each and every outstanding loan as on 22.01.2019 is required to be furnished.

9. Do we need to finalise accounts as on 22.01.2019?

Ans: Though the notification does not say so, yet to correctly furnish the requisite information to ROC , it is advisable to finalise accounts as on 22.01.2019.

10. Do NBFCs are required to file the form?

Ans: There is no specific exemption in the said notification to NBFC from furnishing information and accordingly, details about every outstanding money or loan in the accounts as on 22.01.2019 of NBFCs are also required to furnish.

11. Loan/ money has been received before01.04.2014 but it is still outstanding in the Balance Sheet. Do DPT-3 is to be filed?

Ans: Yes, information about any loan/money outstanding in the balance sheet of every Company except Government Company as on 22.01.2019 is required to be furnished in Form DPT-3.

12. Loan/money has been received after 01.04.2014 and repaid before 22.01.2019. Do DPT-3 is to be filed?

Ans: No, information only about the outstanding loan/money is required to be furnished.

13. If a company does not accept any loan or does not having any outstanding loan, then also company need to comply with the provisions of this rule?

Ans: If company does not accept loan or does not having any outstanding loan, there is not need to comply with the provisions of this rule.

Explanation inserted under Rule 16 vide Companies (Acceptance Of Deposits ) Amendment Rules, 2019

“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.”

Every Company other than a Government Company shall file a Return of Deposit or Particulars of Transaction not considered as Deposit or Both to furnish the information contained in its Audited financials as on 31st March, of previous financial year.

Now lets discuss some questions regarding the explanation

1. What is the last date of filing this form?

Ans: On or before the 30th day of June every year.

2. What does ‘Particulars not considered as deposit’ means?

Ans: Loan exempted under deposit rules and section 73 shall be considered as particular of non-considered as deposit. For example Loan from companies, Directors, Banks, Financial Institutions, Members etc. Thus every loan taken by company is covered in Rule 16.