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deposits
as per co. amendment act 2017 , for example on 30-april 2019 , company having deposits shall create deposits repayment reserve acc of 20% of deposits maturing at 31march2020 or at 31 march 2021 or both.???
Replies (4)
Maturing at 31st March 2020
okay , but to see practically as per previous provsion companies would have already made deposits reserve on amount maturing during fy19-20 in fy 18-19. .? provision states the following financial year so wont it b e construed as the next fy like in this example 31-3-2021
C deposit reserve created for next financial year increases the cost of borrowing for the company to overcome the companies amendment 2017 provides deposit repayment reserve for current financial year to protect the interest of depositors.
okay understood. thanks!
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