An Indian Pvt Ltd co. engaged in certain services classified under export of services under GST.
The company received advance worth 2cr from an overseas customer in March 2020 in USD in their bank account as advance against the travel-based services to be provided. From March 2020 the international travel ceased so, the company has not provided any services for last two years to the said client.
The issue : How will the above advance be treated under section 73 and Deposit rules.
-Whether it falls under Public Deposit/Loan
-Whereas it's simply a business advance against services to be provided in future but outstanding for more than 365 days.
-What options the company has to not the same be treated as deposit/loan.
Please give resolutions
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Some of the relevant sections of the Companies Act, 2013, applicable to NBFCs are:
Section 186: This section specifies the restrictions on the company's ability to make investments, loans, and guarantees. NBFCs are also subject to this section.
Section 185: This section imposes restrictions on a company in respect of giving loans to directors or persons connected with them. However, certain exemptions have been provided to NBFCs.
Section 73 and Section 76: These sections specify the rules and regulations regarding acceptance of deposits by a company. NBFCs, being companies that accept deposits from the public, are also subject to these sections. However, the RBI has issued separate guidelines for acceptance of deposits by NBFCs.
Section 372A: This section deals with the requirement of a special resolution for the sale, lease, or disposal of a substantial part of the assets of the company. NBFCs are also subject to this section.
Please note that there may be exemptions or modifications to the above sections for NBFCs, as provided by the RBI or any other regulatory authority. It is recommended to refer to the latest guidelines and regulations issued by the relevant regulatory authorities while dealing with NBFCs.