MCA finally issued an amendment relating to one-time return of deposits and Form DPT-3
Ministry of Corporate Affairs (MCA) vide Notification dated 22 January 2019 made certain amendments to the Companies (Acceptance of Deposits) Rules, 2014 (Deposit Rules).
Following are the key amendments relating to return of deposits:
- Annual return (Rule 16): Every company (other than a government company)should use form DPT-3 (return of deposits) to file:
- a) A return of deposit
- b) Particulars of a transaction not considered as deposit or
- c) Both
This return should be filed with the Registrar of Companies (ROC) on or before 30 June, of every year (comprising information contained therein as on 31 March of that year duly audited by the auditor of the company).
(Emphasis added to highlight change)
- One-time return (Rule 16A):A one-time return is required to be filed by every company (other than a government company) with respect to the receipt of money or loan outstanding from 1 April 2014 till 22 January 2019 but not considered as deposits. Further, MCA through its notification dated 12 April 2019, changed the period for the one-time form from 22 January 2019 to 31 March 2019 (i.e. information to be provided from 1 April 2014 to 31 March 2019).
Additionally, MCA clarified that on account of a delay in deployment of revised DPT-3 form on MCA portal, no additional fees as applicable under the Companies (Registration Offices and Fees) Rules, 2014 would be levied while filing of the one-time return upto 30 days from the date the new form would be deployed on the MCA portal.
- Revised Form DPT-3: A revised Form DPT-3 has been issued.
Recent Notification :
Following are the recent amendments issued by the MCA:
- Date of filing of one-time return of deposits: On 30 April 2019, MCA amended Rule 16A to provide that every company (other than a government company) would need to file with the ROC a one-time return in Form DPT-3 by 29 June 2019 (i.e. within 90 days from 31 March 2019) along with specified fees. Earlier the requirement was to file one-time return within 30 days from the date the new form would be deployed on the MCA portal.
- Upload of electronic Form DPT-3: On 1 May 2019, MCA has uploaded revised electronic Form DPT-3 on its portal. The revised form can be used for filing of both annual and one-time return.
The electronic form has following differences as compared to the format of Form DPT-3 issued by MCA on 22 January 2019:
o Point 9 – This deals with details of total number of deposit holders as on 1 April. The electronic DPT-3 form additionally requires total number of deposit holders at the end of financial year as well.
o Point 12 – This deals with details of liquid assets, where companies are mandatorily required to provide amount of deposits maturing by the end of financial year. The electronic form clearly specifies that this information is to be provided for deposits maturing on or before 31 March next year.
o Point 16 – The electronic form inserted a new clause, which requires companies to provide details of credit rating obtained such as name of the agency, rating and date of the rating obtained.