Govt. Provides Clarity on Deposit-taking Norms for Private Firms

  • Amounts received by private firms from its members, directors or their relatives prior to April 1, 2014, would not be considered as deposits under the new companies law, the government said.
  • However, companies are required to provide details about such money received in their financial statement for the year starting from April 1, 2014 — the date when most provisions of the Companies Act, 2013, came into force.