Return of Deposits (DPT-3)

Through a notification dated January 22, 2019, the Ministry of Corporate Affairs (MCA) mandated that all companies, excluding government entities, must submit a one-time return in Form DPT-3. This return, required to be filed annually, was introduced by inserting sub-rule (3) after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014. The sub-rule specifies that every non-government company must file a one-time return disclosing outstanding receipts of money or loans not categorized as deposits, as per clause ( c ) of sub-rule 1 of rule 2, covering the period from April 1, 2014, to March 31, 2019. This filing is to be done within “ninety days from March 31, 2019,” accompanied by the prescribed fee as outlined in the Companies (Registration Offices and Fees) Rules, 2014.

**Subsequently, a modification to the timeline was introduced through General Circular No. 05/2019, indicating that an additional fee would be imposed after 30 days from the deployment of Form DPT-3 on the MCA 21 portal. Consequently, the revised due date for filing became May 31, 2019. From that point onwards, the form is required to be submitted annually.

Who Is Not Required To Submit The Return?

Every company except a government company must file this return. Additionally, as per Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014, the following companies are also exempt:

• Banking Company
• Non-Banking Financial Company
• A Housing Finance Company registered with National Housing Bank
• Any other company as notified under proviso to subsection (1) to section 73 of the Companies Act, 2013.

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.

Due Dates to File Form DPT-3

The due date for filing the annual return is 30th June of every year.

Non Filing Consequences:

• 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.