MCA vide its general circular 05/2019 dated 12th April, 2019, clarified that now Companies are required to file data with regard to exempted deposits up to 31st March, 2019 (as opposed to the publication of earlier notification date i.e 22nd January, 2019). Now, Companies are required to file data of exempted deposits for the period of 01st April, 2014 to 31st March, 2019, within 30 days from the deployment of a new version of DPT-3. E form has been deployed on May 1 so due date becomes May 30, 2019. Now it is 90 days from March 31, 2019.
Form DPT-3 is required to be filed for deposit or particulars of the transaction not considered as deposit by every Company. Earlier only Companies who had accepted deposits were required to file the same.
There are 19 items mentioned under Rule 2(1)(c), Below are few items from the list that are excluded from the term ‘deposit’ whose reporting is now required to be made in FORM DPT 3:
1. Amount received as a loan from banks, banking companies etc.
2. Inter- corporate deposits
3. Amount received from directors/ relative of directors in case of a private company
APPLICABILITY OF THE AMENDMENT:
The ministry of corporate affairs (MCA) notification prescribing amendments in the Companies (Acceptance of Deposits) Rules 2014.
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 term 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 (i.e. 22nd January, 2019) in e-form DPT-3 within 90 days from the date of publication i.e. 21st April, 2019.”
WHAT DOES THE AMENDMENT REQUIRES NOW?
The amendments require reporting of the details of outstanding sums of receipt of money not considered as a deposit as per Rule 2(1)(c) of the Rules issued earlier in 2014 in FORM DPT-3:
1. The period of such receipt of outstanding money or loan has to be considered from 1 April 2014 till the date of publication of the notification in the Gazette, i.e., 22 January 2019 (31.03.2019) and which are outstanding as on the said date. The reporting has to be done within 90 days of the said publication i.e. April 21, 2019.
2. A periodic return which will give the details of particulars of transactions which are not considered as deposits as per Rule 2(1)(c) of the Rules within 30th June of every year containing details as on 31st March.
WHO WILL BE EXCLUDED?
1. Government Company.
2. Banking and n
3. on-banking financial companies (NBFCs)
4. Housing finance company (HFC)
WHAT IS REQUIRED TO FILE DPT-3?
1. Latest Audited Balance Sheet
2. Date of issue and expiry of advertisement or circular
3. Particulars of deposits
4. Total number of deposits and deposit holder’s
5. Amount of deposits that have matured but not claimed
6. Particulars of charge
1. Auditor’s certificate
2. Deposit Insurance contract – Mandatory if a company has deposit insurance and details of same are mentioned in the form
3. Copy of trust deed – Mandatory if a company has trust deed and details of same are mentioned in the form
4. Copy of instrument creating charge – Mandatory if a company has trust deed and details of same are mentioned in the form
5. List of depositors – List of deposits matured, cheques issued but not yet cleared to be shown separately – Mandatory if a company has a balance of deposits outstanding at the end of the year.
6. Details of liquid assets.