Applicability, Procedure, Due date, Rules and all about e-Form DPT-3
Form DPT 3 is a return of deposits that all companies whether it is a small Company, OPC, Private, Public, listed, etc. other than Government Companies must file to furnish information in the e-form DPT 3 on an annual basis about deposits and/or outstanding receipt of loan or money other than deposits.
Ministry of the Corporate Affairs vide its notification dated 22nd January 2019 notified that every company other than a government company must file a one-time return in DPT 3. It is also required to be filed annually. Accordingly, a sub-rule (3) was inserted after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014 which reads as follows:
Companies (Acceptance of Deposits) Amendment Rules, 2019
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 22nd January 2019
G.S.R. 42(E).—In exercise of the powers conferred by clause (31) of section 2 and section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:-
1. (1) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1), in clause (c), in sub-clause(xviii), after the words “Infrastructure Investment Trusts,” the words “Real Estate Investment Trusts” shall be inserted.
3. In the said rules, in rule 16, the following Explanation shall be inserted, namely:- “Explanation.- It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as a deposit or both by every company other than Government company.”.
4. In the said rules, in rule 16(A), after sub-rule (2), the following sub-rule shall be inserted, namely:- “
(3) Every company other than a Government company shall file a one-time 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.”.
Applicability of DPT -3 Form
e-form DPT-3 is applicable to all the Companies whether it is a Small, OPC, Private, Public, Listed, etc. except the followings:
- Banking Companies
- Non-Banking Financial Companies (NBFCs) are registered with RBI.
- Housing Finance Company (HFCs) registered with National Housing Bank.
- Government Companies in case of Exempted Deposit
What is Deposit:
As per 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 does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India;
But Deposit does not include the items as mentioned in the Rule 2(1)(c) of the acceptance of Deposit rule 2014. These are called Exempted deposit
Exempted Deposits are:
- Any amount received from the government or guaranteed by the government, foreign government/foreign bank.
- Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks
- Any amount received from a company by a company.
- Subscription to securities and call in advance.
- Any amount received from the director of the company or a relative of the director of the Private company, who held the positions at the time of lending.
- Any amount received by the company from an employee, not exceeding his annual salary under the employee contract such as a non-interest-bearing security deposit.
- Any amount received in the course of, or for the purposes of, the business of the company as an advance for the supply of goods or provision of services or as a security deposit for the performance of the contract for the supply of goods or provision of services.
- Receipt of Rs 25 lakh or more by a startup company in the form of a convertible note, in a single tranche.
- Amount raised by the issuing secured bonds or debentures with the first charge, non-convertible debentures not having a charge on the assets of the company.
- Unsecured loans from promoters.
- Any amount received by the company from Nidhi Company or by way of subscription in respect of chit under the Chit Funds Act, 1982.
- Any amount received by the company from a collective investment scheme, alternate investment funds, or mutual funds registered with SEBI.
- Any other amount which is not considered a deposit under Rule 2(1)(c).
Companies to whom DPT 3 needs to file:
DPT 3 needs to file by the Companies in the Financial year if:
- The company is having a loan in Books as on 31st March or
- Company is having advance from Customer in books as on 31st March or
- The company is having any deposit in the Book as on 31st March.
Due Date for filling DPT-3
The Due date of filing of DPT-3 is 30th June every year.
Period of Filing of DPT 3
- One Time Return
- Annual Return
Documents Required For filling of e-Form DPT 3 form
- Auditors certificate
- Copy of Trust deed
- Deposit Insurance contract, wherever applicable and mentioned in the form
- Copy of instrument creating the charge
- List of depositors – List of deposits matured and cheque issued but not yet cleared to be shown separately
- Details of liquid assets
- Optional attachment
Consequences of non-filing
If the company falls under the category who Accepted Deposit and they need to file DPT 3 but if they do not fill the form following consequences will be applicable:
As per Section 73:
A penalty of a minimum of 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crores
For every officer who is in default imprisonment up to 7 years and with a fine not less than Rs. 25 lakhs which may extend to Rs. 2 crores.
As Per Rule 21:
Company and every officer in default a fine which may extend up to Rs. 5,000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default.