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Acceptance of Deposit

Maam as per the law the acceptance of deposit from a private company can not be treated as a deposit of the documents are placed that the amount so invested is not borrowed But the answer states it differently

Attachments

IMG_20200705_115019~2.jpg

611e6a94-1a36-41da-bfd9-3063a59d4ec8.jpg


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 11:51

30

Answers (10)

Answer in which Question and where. Can you please be more specific


Sriram Somayajula

Sriram Somayajula

Admin

05-Jul-20 14:28

In image and in it in reader


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 14:31

In image and in it in reader

Attachments

9be41883-437e-4c2d-b9aa-fc86aaebdc11.jpg

d5c3f398-357a-476c-a24f-41f90461cbaf.jpg


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 14:33

aman kawad

In image and in it in reader

Loan by director not out of borrowing is not a deposit. Same is stated in both images. Please elaborate the query


Sriram Somayajula

Sriram Somayajula

Admin

05-Jul-20 15:24

Ma'am in the explanation of rule 2 (1 ) c of acceptance of deposit rules it states those items which are not treated as deposit and in the point 2(1)vii it states that loans from director of a PRIVATE COMPANY ONLY but in the question it states a public company and the adjustment is done as to a private company. A public company can only take amount from director if there is a stipulation from a financial institutions or banks or NBFC but nothing is mentioned like that in the question


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 15:33

ICAI book


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 19:48

Is my objection correct


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 19:57

aman kawad

Is my objection correct

You are right. Book is wrong. Book is probably considering the provisions prior to the amendment.


Sriram Somayajula

Sriram Somayajula

Admin

05-Jul-20 20:05

Thank you ma'am


aman kawad

aman kawad

CA Inter

7K+

05-Jul-20 20:11

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