“Deposit” includes any receipt of money: a) by way of deposit or a) loan or a) in any other form
Any amount received from:- Central or State Govt. or local authority or statutory authority Foreign Gov/banks/FI/collaborators/bodies corporate /citizens subject FEMA 1999.
As a loan or facility or financial assistance from any bank or banking company Against issue of commercial paper By a company from any other company which is not related one.
Share application money or advance towards allotment of securities pending allotment upto 60 days. Director of company Issue of bonds or secured debentures
Security deposit from an employee of company in the nature of non-interest bearing. Any non-interest bearing amount received or held in trust;
In the course of, or for the purposes of business of the company,- a) As advance for supply of goods or services b) Advance in connection with consideration for property under an agreement or arrangement c) Security deposit for performance of contract for supply of goods or services d) Advance under long term projects for supply of capital goods.
Any amount brought in by promoters of company or their relatives or both by way of unsecured loan in pursuance of the stipulation of any lending FI or a bank and exemption shall be available only till said loans are repaid and not thereafter; Any amount accepted by a Nidhi company
Banking Company NBFC Housing Finance Company
Accept/renew deposits – repayable after 6 months and up to 36 months. Ordinary Resolution if permission taken u/s 180(1) (c) Special Resolution in other cases
Accept/renew deposits – repayable after 3 months and up to 6 months. subject to: such deposits shall not exceed 10% of aggregate of paid up share capital and free reserves
25% of the aggregate of paid-up share capital and free reserves. ROI: not exceeding maximum ROI prescribed by RBI for acceptance of deposits by NBFC, Presently its 12.50% p.a. Penal ROI :18% p.a. for overdue period in case of deposits matured and claimed but remaining unpaid.
1) Pass Board Resolution 2) Pass Resolution in General Meeting 3) File E-Form MGT-14 if applicable. 4) File copy of circular to ROC, 30 days before date of issue of circular/advertisement in Form DPT-1 - eFORM NO. GNL-2
5) Enter into Deposit Insurance Contract 30 days before issue of circular/advertisement. 6) Issue circular after 30 days of filing with ROC, to its members by registered AD or speed post or by electronic mode in Form DPT-1
7) Receive Application from Depositor and accept deposit 8) To make entry in Register of Deposit and preserve it for 8 years
PUBLIC COMPANIES having - Net worth Rs. 100 Cr or Turnover Rs. 500 Cr
Amount of deposits together with amount of other deposits outstanding as on date of acceptance or renewal of deposits shall not exceeds 10% of the aggregate of paid-up share capital and free reserves.
Amount of deposits together with amount of other deposits outstanding as on date of acceptance or renewal of deposits shall not exceeds 25% of the aggregate of paid-up share capital and free reserves.
Same as per Other company except following Obtain Credit rating from recognized credit rating agency every year Circular shall publish in English language in an English newspaper and in vernacular language in a vernacular newspaper having wide circulation in the State – DPT 1 Upload a copy of the circular on its website, if any.
Enter into a contract for providing DI 30 days before issue of circular or advertisement or renewal. DI contract amount, If Deposit + Int. not exceeding 20K - Full amount will be paid by Insurer. Deposit + Int. exceeding 20K – Up to amount specified in contract which should be more than 20K.
Insurance premium – borne by company If any default is made by company complying with terms and conditions of DI contract - either rectify default immediately or enter into a fresh contract within 30 days.
In case of non-compliance - Amount of deposits covered under DI contract and interest payable thereon shall be repaid within the next 15 days and if not paid it shall pay 15% interest p.a. for the period of delay and liable to punishable under the act.
To depositor/his agent a receipt for amount received by company, within 21 days from date of receipt of money/realization of cheque/date of renewal. A receipt - shall be signed by an officer of company duly authorized by Board in this behalf and shall state date, name and address, amount, ROI and date on which deposit is repayable.
On/before 30 th day of June, of every year, file with ROC, a return in Form DPT-3 with information contained therein as on 31 st day of March of that year duly audited by the auditor of company.
After expiry of a period of 6 months but before the expiry of period for which such deposit was accepted. ROI: reduced by 1% from rate which company would have paid.
Separate bank account with a Scheduled Bank – Deposit not less than 15% of the amount of its deposits maturing during a FY and FY next following, on/before 30 th April of each year Purpose: repayment of deposits only.
Fresh circular- Each succeeding financial year, for inviting deposits during that financial year
Depositor may APPLY TO THE TRIBUNAL TRIBUNAL may on an application made by the company allow further time
within 30 days of such acceptance, create a charge on its assets of an amount not less than the amount of deposits accepted in favour of trustee for the depositors on: specific movable or immovable property
Appoint trustee for depositors before issuing a circular Obtain written consent from trustee before their appointment Execute a deposit trust deed in Form DPT-2 at least 7 days before issuing the circular or circular in the form of advertisement.
E-Form No. DPT-4– Statement of Existing Deposit E-Form No. MGT-14– Special Resolution, if any. E-Form No. DPT-1– circular along with statement E-Form No. DPT-3– Return of Deposits