FORM DPT3: REVISED FROM FOR EXEMPTED DEPOSITS
DPT-3 was introduced by MCA on 22nd January 2019 by an amendment in Deposit Rules. By these amended rules “One explanation added in Rule 16”.
What is the purpose of Form DPT-3
As this form was introduced in 2019, the basic purposes of this form are:
- To get information on Deposits received by the Company
- To get entity-wise information on loans received by the Company
- To check compliance with Section 73 by the Company
- To keep control over the Companies from acceptance of Loan, Deposits, and Advance
What is the applicability of Form DPT-3
e-form DPT-3 is applicable on all the Companies (Small, OPC, Non-Small, Public, Listed etc.) except the followings:
- Banking Company.
Non-Banking Financial Companies (NBFCs) registered with RBI.
- Housing Finance Company (HFCs) registered with the National Housing Bank.
- Government Company (in case of Exempted Deposit)
- The revised part of Form DPT-3 mainly deals with Deposits accepted from the Public. One significant change in respect of exempted deposits has also been made in the Form.
- Point No 15 of the Form DPT-3 requires information about Particulars of receipt of money or loan by a company but not considered as deposits, at the end of the financial year, in terms of clause (c) of sub-rule 1 of rule 2 of the Companies (Acceptance of Deposits) Rules, 2014 also called as “Exempted Deposits”
- Under the old Form DPT-3, the category of exempted deposit and the amount of exempted deposit outstanding at the year-end was required to be given.
- The new form requires an opening balance of the amount of exempted deposits, any addition thereof, any repayment, any other adjustment, and a closing balance.
- Under the old form, only the closing balance as of 31st March was required to be disclosed but the new Form will capture all the transactions made during the year in relation to the exempted deposits/loans.
- Further, the aging of deposits should also be given. Outstanding for one year, three years, and five years should be disclosed. Point no 15 of the Form DPT-3, uses the word “Details of loan”.
- This creates confusion about whether only information about loans is to be given or all the types of exempted deposits should be given such as advances from customers, and security deposits.
- In Point no 15 of Form DPT-3, uses the word “Details of loan”. This creates confusion about whether only information on loans is to be given or all the types of exempted deposits should be given such as advances from customers, and security deposits.
- we have to disclose the complete details of all types of deposits and the word Loan should be construed in a contest of exempted deposits.
- Further, all the fields of point No 15 of Form DPT-3 are mandatory. Therefore, it appears that MCA wants information for all types of exempted deposits and not limited to Loans.
- The new Form DPT-3 is applicable from the date of the publication in the Official Gazette i.e. 29th August 2022.
- The Form should be applicable for the financial year 2022-23 onwards but that is not the case here. The web-based form has already been introduced and it requires all the information even if you are filing for the financial year 2021-22.
- Though the filing date of Form DPT-3 for the year 2021-22 is already over, the MCA should have allowed filing under the old form for all the years prior to the financial year 2022-23