MCA has amended Companies (Acceptance of Deposits) Amendment Rules, 2018

MCA has amended Companies (Acceptance of Deposits) Amendment Rules, 2018 MCA vide notification dated 05^thJuly, 2018 has amended The Companies (Acceptance of Deposits) Rules. The Companies (Acceptance of Deposits) Amendment Rules, 2018. These Rules shall come into force from 15^thAugust, 2018 Click here to Download the official notification along with Newly Substituted DPT-1 and DPT-3 Below is summary ofamended Companies (Acceptance of Deposits) Amendment Rules, 2018 1.Rule 4- Form and Particular of advertisements or circulars

Rule 4(1) after proviso following proviso shall be inserted.

Provided further that a certificate of the statutory auditor of the company shall be attached in form DPT-1, stating that the company has not committed default in the repayment of deposits or in the payment of interest on such deposits accepted either before or after payment of interest on such deposits accepted either before or after the commencement of the Act and in case a company had committed a default in the repayment of deposits accepted either before or after the commencement of the Act or in the payment of interest on such deposits, a certificate of statutory auditor of the company shall be attached in Form DPT-1, stating that the company had made good the default and a period of five years has lapsed the date of making good the default as the case may be

2. Rule 5:Manner and extent of Deposit Insurance -OMITTED

3. Rule 13: Maintenance of Liquid Assets and Creation of Deposit Repayment Reserve Account.

Rule 13 proviso shall beSUBSTITUTEDas follow.

Provided that the amount remaining deposited shall not at any time fall below 20% of the amount of deposits maturing during the financial year

4. Rule 14(1)(K):Register of Deposits OMITTED

5. Form DPT-1SUBSTITUTEDby new form

6. Form DPT-3SUBSTITUTEDby new form.

Click here to Download the official notification along with Newly Substituted DPT-1 and DPT-3