Comment if the following transactions entered into by A Ltd attract compliance with provisions relating to acceptance of deposit: A sum of ₹1 lakh collected from every employee in April 2018 towards contribution to a Hou

Rule 2(c)(x) excludes from deposit any non-interest-bearing amount received and held in trust. In this case, the company has received the amount in trust, for a housing society to be formed for the benefit of the employees and the money is not interest bearing. Hence, it is not a deposit and does not attract compliance with provisions relating to acceptance of deposit.