Ministry Of Corporate Affairs has decided to make disclosure guidelines more strict and rigid. According to the mandate, every company other than Government companies need to submit a one time return covering from April 1, 2014, to January 22, 2019, on all outstanding receipts of money or loans taken, which are otherwise not considered deposits.
The Central Government in consultation with the Reserve Bank of India have set these rules and will be called the Companies (Acceptance of Deposits) Amendment Rules, 2019. The rules have come into force on January 22, 2019, the day it was published in the Official Gazette of India. Form DPT – 3 will be used for filing return of outstanding receipts of money or loans that were taken, which are otherwise not considered deposits. The return needs to be filed within ninety days from the day it has come to force along with fee as mentioned in the Companies (Registration Offices and Fees) Rules, 2014.
This step is taken by the Central Government as a lot of corporate irregularities are coming in the forefront. The disclosure norm covers
The critics say that this mandate is like ‘surveillance capitalism’, a phenomenon that is popular and widespread in Western countries and is getting spread in other parts of the world. They say that this move will discourage lending as the reporting system will put more emphasis on the source of funds they are disclosing. It will put an additional burden on all the companies as they need to compile all the receipts from April 1, 2014, and get them certified by their auditors.
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