In order to safeguard the interest of creditors or depositors, the Central Government in consultation with the Reserve Bank of India notified the amendment in the Companies (Acceptance of Deposits) Rules 2014 through Companies (Acceptance of Deposits) Amendment Rules 2019.
DPT-3 form is a one-time return form of loans that has to be filed by a company that has outstanding loans not treated as deposits.
According to the latest Ministry of Corporate Affairs (MCA) Amendments, it is mandatory for all companies excluding the Government Companies to file a one-time return for the outstanding receipts of money which are loans of the company but are not considered deposits.
Introduction
MCA 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:
Every company other than Government company shall file a onetime 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 31st March, 2019, as specified in Form DPT-3 within “ninety days from 31st March, 2019” along with a fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.
On 22nd January 2019, the MCA (Ministry of Corporate Affairs) rolled out a new rule in the Companies (Acceptance of Deposits), Rules, 2014 and that new rule is DPT-3 form.
Companies (Acceptance of Deposits) Amendment Rules, 2019
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
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 Government company shall file a onetime 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.”.
Who has to File The DPT-3 Form?
Except for the Government companies, all other companies which include all private limited companies, OPC, limited companies or Section 8 Company have to mandatorily file this form.
Filing of DPT 3
DPT-3 may be of two varieties, as follows:
- One time return
- Annual return
What is the Last Date (Due Date) to File the DPT-3 Form?
As per the Companies (Acceptance of Deposits) Amendment Rules, 2019, all the companies have to compulsorily file the one-time deposit return in E-form DPT-3 within 90 days from the end of the Financial Year.
Note:
| Purpose of Form | Periodicity | Last Date to File |
|---|---|---|
| Return of Deposit & Particular not considered as Deposit Yearly | Yearly | 30th June 2025 for FY 2024-25 |
Transactions not considered as deposits
- 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 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 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 as a deposit under Rule 2(1)(c).
Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.
Which Period Loans Must be Covered Under the Form DPT-03?
All Outstanding receipts of Money or Loans by the company that prevailed from 1st April 2014 up to 22nd January 2019 must be covered under the DPT-3 form.
Should Form DPT-3 be Filed if there is no Outstanding Loan?
No, the DPT-3 form must not be filed if there is no outstanding receipt of money or loan.
Consequences of non-filing
- Under Section 73: A penalty of minimum 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crore.
- 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.
- Under Rule 21: On the 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.
There is no established view, if a NIL return must be filed, however, it is always beneficial to take the conservative approach and file a NIL return.
FAQs
What is Form DPT-3?
Form DPT-3 is a return of deposits that companies are required to file with the Registrar of Companies (ROC). It is used to report details of deposits, transactions that are not considered deposits, and exempted deposits as per the Companies Act, 2013.
What information needs to be furnished in Form DPT-3?
Form DPT-3 requires the following information:
- Company details (CIN, name, address, etc.)
- Total amounts received as deposits, non-deposits, or exempt deposits
- Break-up of the amounts and nature of the transactions
- Auditor’s certificate, if applicable
- Financial particulars of the company for the relevant year