Download Acceptance Of Deposits

Acceptance Of Deposits
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“Deposit” includes any receipt of money:
a)
by way of deposit or
a)
loan or
a)
in any other form
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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.
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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.
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Share application money or advance towards
allotment of securities pending allotment
upto 60 days.
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Director of company
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Issue of bonds or secured debentures
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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.
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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
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Private Company
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Public Company
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Banking Company
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NBFC
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Housing Finance Company
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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
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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
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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
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PUBLIC COMPANIES having Net worth Rs. 100 Cr or
Turnover Rs. 500 Cr
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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On/before 30th day of June, of every year, file
with ROC, a return in Form DPT-3 with
information contained therein as on 31st day
of March of that year duly audited by the
auditor of company.
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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.
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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 30th April of each year
Purpose: repayment of deposits only.
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Fresh circular- Each succeeding financial
year, for inviting deposits during that
financial year
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Depositor may APPLY TO THE TRIBUNAL
TRIBUNAL may on an application made by the
company allow further time
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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
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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.
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E-Form No. DPT-4– Statement of Existing
Deposit
E-Form No. MGT-14– Special Resolution, if
any.
E-Form No.
statement
DPT-1–
circular
along
E-Form No. DPT-3– Return of Deposits
with