The Tax Publishers

Return and Reporting of Outstanding Non-Deposits in Form DPT-3

Pragya Bhandari

The Companies (Acceptance of Deposits) Amendment Rules, 2019 entails the filing of return and reporting regarding deposit or particulars of the transaction not considered as deposit under rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 in e-Form DPT-3 to Registrar of Companies by companies. This article interprets and explains the same more lucidly.

1. Prologue

Ministry of Corporate Affairs (MCA), vide Notification G.S.R. 42(E), dt. 22-01-2019 dated 22nd January 2019, published the Companies (Acceptance of Deposits) Amendment Rules, 2019 [hereinafter refer as 'Amendment Rules']. The said Amendment Rules have widened the reporting requirements by bringing new provisions in the Companies (Acceptance of Deposits) Rules, 2014. The MCA has made it mandatory for all companies except specified ones registered in India to file e-form DPT-3 concerning details of unpaid receipts or loans which are not considered as deposits. Earlier, only items which are in nature of deposits were required to be reported. This article mainly discusses the amended provisions as to insertions of explanation to rule 16 as well as sub-rule (3) to rule 16A. Further, it enlightens the related provisions of deposits and form DPT-3.

2. Deposit- Meaning of

In terms of section 2(31) of the Companies Act, 2013, 'deposit' includes any receipt of money by way of deposit or loan or in any other form by a company, but would not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.

3. Amount not to be considered as deposit

The definition under section 2(31) does not provide any clarification regarding categories of amount which may be prescribed in consultation with RBI. However, the definition provided under rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 clearly states that certain borrowings specified under rules 2(1)(c)(i) to 2(1)(c)(xiv) will not constitute deposits. These are mentioned in brief hereunder-

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