Corporate Updates – 31-03-2015


MCA has issued the much awaited clarification relating to status of the amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014. It has been clarified after consultation with RBI, that such amounts received by private companies prior to 1st April, 2014 shall not be treated as ‘deposits’ under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement. Further, any renewal or acceptance of fresh deposits on or after 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act, 2013.


RBI with a view to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015, has decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2015. For 31-03-2015, normal clearing as followed on any working Tuesday and in addition, a Special Clearing exclusively for Government transactions (receipts and payments) with return clearing on the same day shall also be provided. Further, all banks are also advised to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on these days (March 30-31, 2015).

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