The Ministry of Corporate Affairs, issued a notification on the January 22, 2019 amending the Companies (Acceptance of Deposits) Rules, 2014. These amended rules are called as the Companies (Acceptance of Deposits) Amendments Rules, 2019 and shall come into effect from January 22, 2019.
According to the amendment, every reporting company will have to file with the Registrar of Companies:
(1) A one-time return: Giving details of all the outstanding receipt of money or loan which is considered as Deposits as per the Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 for the period from April 1st, 2014 till the date of publication of the notification in the official gazette i.e. January 22, 2019 in e-Form DPT-3.
(2) Periodic return: Giving the details of particulars of transactions which are not considered as deposits as per Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 by 30th June of every year containing details as on March 31st in e-Form DPT-3.
Applicability: This amendment is applicable to all the companies irrespective of whether they are private or public except the Government Companies. Further since the Section 73(1) of the Companies Act, 2013 is not applicable to banking Companies and NBFCs, the said amendment will also not apply to them.
List of money or loan received by a company but not considered as deposits in terms of 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014:-
|1||Any amount received from Central or State Government:–
(i) the Central Government; or
(ii) a State Government; or any amount received from any other source whose repayment is guaranteed by the Central Government or State Government; or
(iii) any amount received from a local authority; or
(iv) any amount received from statutory authority constituted under an Act of Parliament or a State Legislature
|2||Any amount received from foreign Government/banks, etc –
(i) Foreign Governments; or
(ii) Foreign or international banks;
(iii) Multilateral financial institutions;
(iv) Foreign Governments owned development financial institutions;
(v) Foreign export credit agencies;
(vi) Foreign collaborators;
(vii) Foreign body corporates;
(viii) Foreign citizens;
(ix) Foreign authorities or;
(x) Persons residents outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999)
|3||Any amount received as Loan from banking companies–
(i) A loan or facility from any banking company; or
(ii) From the state Bank of India or any of its subsidiary banks; or
(iii) From a banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949); or
(iv) A corresponding new bank as defined in clause( d )of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or
(v) From a cooperative bank as defined in clause (b-ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934)
|4||Any amount received as loan or financial assistance from PFIs –
(i) Public Financial Institutions notified by the Central Government; or
(ii) Any regional financial institutions; or
(iii) Insurance companies; or
(iv) Scheduled Banks as defined in the Reserve Bank of India Act,1934 (2 of 1934)
|5||Amount raised through issuance of commercial paper:
Any amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India
|6||Inter Corporate Deposits:
Any amount received by the company from any other company
|7||Amount received as subscription money for securities:
Any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for
|8||Amount received from directors/relative of directors:
Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or the relative of the director of a private company
|9||Amount raised by issue of secured bonds/debentures:
A)Any amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company; or
(B) bonds or debentures compulsorily convertible into shares of the company within ten years
|10||Amount raised through issuance of unsecured listed NCDs:
Any amount raised by the issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India
|11||Non-interest bearing security deposit received from employees:
Any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit
|12||Non-interest bearing amount held in trust:
Any non-interest bearing amount received and held in trust
|13||Any amount received in course of, or for the purposes of the business of the company:
(i) As an advance for supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance.
(ii) As advance accounted for in any manner whatsoever, received in connection with consideration for immovable property under an agreement or arrangement, provided that such advance is adjusted against such property in accordance with the terms of agreement or arrangement.
(iii) As security deposit for performance of the contract of supply of goods or provision of services.
(iv) As advance received under long term projects for supply of capital goods except those covered under item (b) of subclause (xii) clause (c) of sub- rule (1) of rule (2) of the Companies (Acceptance of Deposits) Rules, 2014.
(v) As an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less.
(vi) As advance received and allowed by any sectoral regulator or in accordance with directions of Central or State Government.
(vii) As an advance for subscription towards publication, whether in print or electronic to be adjusted against receipt of such publications.
(viii) Any amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.
(ix) Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.
(x) Any amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982).
(xi) Any amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India. Any amount of twenty five lakh rupees or more received by a start up company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person
|14||Any amount received by a company from:–
(A) Alternate Investment Funds;
(B) Domestic venture Capital Funds;
(C) Infrastructure Investments Trusts;
(D) Real Estate Investment Trusts;
(E) Mutual Funds registered with the Securities and Exchange Board of India
Due date of submitting e-Form DPT-3:-
|One Time Reporting||Within 90 days from the date of publication of the notification. The date of publication of the notification is January 22, 2019 therefore, the form has to be filed by April 21, 2019. (the updated version of the form to be filed is yet to be made available by the MCA)|
|Periodic Reporting||By 30th June|