Companies may accept deposits without deposit insurance contract till 31-03-2018

Companies may accept deposits without deposit insurance contract till 31-03-2018 or till the availability of deposit insurance product, whichever is earlier

TO BE PUBLISHED  IN THE GAZETTE OF INDIA EXTRAORDINARY,  PART II, SECTION 3, SUB-SECTION:(i)]

Government of India
Ministry of Corpora Affairs

Notification

New Delhi, dated, the May, 2017

G.S.R._(E). – In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) and sub-section (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:-

1. (1) These rules  may  be called  the Companies  (Acceptance  of  Deposits) Amendment Rules, 2017
    (2) They shall come into force on the date of their publication in the Official Gazette.

2. ln the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the principal rules),-

(a) In rule 2, in sub-rule (1), in clause (c), in sub-clause (xviii), after the words “Domestic Venture Capital Funds “the words”, Infrastructure Investment Trusts” shall be inserted.

(b) in rule 5, in sub-rule (1), for the proviso, the following proviso shall be substituted, namely:-

“Provided that the companies may accept deposits without deposit insurance contract till the 31st March, 2018 or till the availability of deposit insurance product, whichever is earlier.”.

[File No. 1/8/2013-CL-V]

(Amardeep Singh Bhatia)
joint Secretary to the Government of lndia