Deposits

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Aditi (Querist)
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04 June 2018 As per companies amendment act, 2017 , co. Having deposits shall be req. To create deposits repayment reserve on or before 30 april of every fy account for an amount of 20% of deposits maturing at the end of next fy or following fy.? Or of both

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 June 2018 the phraseology is........................ deposits maturing during a financial year
and the financial year next following.

Aditi

Aditi (Querist)
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05 June 2018 As oer cimoanies amendment act 2017 , it is 20% of amount of deposits maturing during following financial year , so does it mdans now only for 1 financial year reserve account is to be credited in a particular year

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 June 2018 .amended as................amount of its deposits maturing during the following financial year.
Means every year reserve has to be created @ 20% of deposits maturing during the
next financial year.

Ps.:- Effect has not been given to this substituted clause.

Aditi

Aditi (Querist)
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05 June 2018 So as per the amendment , now a company say on 30april 2018 shall create deposits repayment reserve at 20% of the amount maturing during fy ending 31 march 2020(1 April 2019 to 31-3-2020).?

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