01 Mar Form DPT-3 Submission Requirement
Form DPT-3 serves as a crucial return for companies, necessitating the disclosure of information regarding deposits and outstanding receipts of loans or money, excluding deposits.
Background:
The Central Government, in collaboration with the Reserve Bank of India, introduced amendments to the Companies (Acceptance of Deposits) Rules 2014 through the Companies (Acceptance of Deposits) Amendment Rules 2019, aiming to protect the interests of creditors and depositors.
Introduction:
As per a notification dated 22nd January 2019, the Ministry of Corporate Affairs (MCA) mandated that every company, excluding government entities, must file a one-time return in Form DPT-3. This requirement extends to an annual filing obligation. Consequently, Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014 saw an insertion of sub-rule (3), stipulating the filing particulars.
Exemption Criteria:
Government companies are exempt from filing this return. Additionally, Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014 grants exemptions to banking companies, non-banking financial companies, housing finance companies registered with the National Housing Bank, and others as notified under the proviso to subsection (1) to section 73 of the Act.
Filing Types:
Form DPT-3 submissions come in two variants:
- One-time return
- Annual return
Non-Deposit Transactions:
Transactions not categorized as deposits encompass various financial activities such as loans from public financial institutions, subscriptions to securities, advances for goods or services, among others. These transactions, whether secured or unsecured, demand reporting.
Filing Deadlines:
The annual return must be filed by 30th June each year. For instance, for FY 2019-20, the deadline for DPT-3 submission is 30th June 2020.
Return Duration:
The one-time return spans from 1st April 2014 to 31st March 2019, requiring the disclosure of all receipts during this period. Conversely, the annual return covers the period from 1st April 2019 to 31st March 2020.
Required Information:
Key details include the Corporate Identification Number (CIN), email ID, company objectives, net worth, charge particulars, outstanding amounts as of 31st March 2020, and credit rating particulars.
Submission Documents:
Submission documents may include an auditor’s certificate, trust deed copy, deposit insurance contract (if applicable), instrument creating the charge, depositors list, liquid asset details, and optional attachments.
Filing Fees:
Fees are as per the Companies (Registration Offices and Fees) Rules.
Consequences of Non-Compliance:
Non-compliance with DPT-3 obligations may lead to penalties under Section 73 and Rule 21, including fines and potential imprisonment. While the necessity of filing a NIL return remains unclear, a conservative approach advocates for its submission.
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