View Poll Results: By making CSR as a legal obligation, Is government is shifting its duties on shoulder of corporate?
No 8 53.33%
Yes 5 33.33%
may be 2 13.33%
Can't say 0 0%
Multiple Choice Poll. Voters: 15. You may not vote on this poll

Thread Started by #amitkishore

The much-awaited rules for the new ‘corporate social responsibility’ (CSR) regime were notified on Thursday, under which companies with sizable businesses would need to spend a minimum 2 per cent of net profit for the benefit of the society.

i.The CSR activities will have to be within India, and the new rules will also apply to foreign companies registered here.

ii.However, funds given to political parties and the money spent for the benefit of the company’s own employees (and their families) will not count as CSR.

Listing out the permitted CSR activities, the government said that they needed to be undertaken as per approval of the company’s board in accordance with its CSR Policy and the decision of its CSR Committee.

iii.The CSR rules will take effect from April 1, as part of the new Companies Act.

iv.They will apply to companies with at least Rs 5 crore net profit, or Rs.1,000 crore turnover or Rs.500 crore net worth.

v. Such companies will need to spend 2 per cent of their three-year average annual net profit on CSR activities in each financial year, beginning the next fiscal, 2014-15.

vi. A company can also carry out CSR works through a registered trust or society or a separate company.

vii. As per the rules, a company may also collaborate with other companies for CSR activities, provided they have to separately report about spending on such projects programmes.

Among other activities, livelihood enhancement and rural development projects, promoting preventive health care and sanitation as well as making safe drinking water available would be considered as CSR activities.

For details please see attached notification/rule.

Regards

Amit kishore
1st March 2014 From India, Delhi

Attached Files
Membership is required for download. Create An Account First
File Type: pdf CompaniesActNotification2_2014.pdf (1.88 MB, 455 views)

Dear All Please find attach Gazette / Notification for New ‘corporate social responsibility’ (CSR) Dt. 28.02.2014. Regards, Prashant Satbhai
4th April 2014 From India, Vadodara

Attached Files
Membership is required for download. Create An Account First
File Type: pdf Gazette Notification for New CSR.pdf (336.0 KB, 415 views)

Dear Friends, If any corporate failed to comply with the CSR then what’s the penalty?
28th April 2015 From India, New Delhi
Reply (Add What You Know) Start New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)





About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™