"The projects are selected based on need-assessment and stakeholder consultation. These are closely monitored by the company and third party impact assessment is carried out," MSI MD and CEO Kenichi Ayukawa said in a statement.
A high-level committee, which submitted its recommendations on August 13 to the government, suggested extending CSR obligation to banks registered under the Banking Regulation Act, 1949
It can be noted that the name of HDFC Bank was among the list of entities which was named as having fallen short of the mandatory spending, wherein certain sized entities are made to allocate 2 per cent of their three-year annual average net profit towards CSR.
The panel, headed by Corporate Affairs Secretary Injeti Srinivas, has stressed that CSR expenditure should not be treated as a means of resource gap funding for government schemes.
The move may be considered after the Parliament amended the Companies Act to allow criminal action on companies that do not fulfil their CSR obligations
Altruistic activities undertaken by the government and NGOs carry more sense. After all, the business of a business is business.
The panel will come up with ways to make disclosures on spending activities of companies more transparent, according to a top government official.
The provisions on input tax credit under the GST have been well-defined and are more comprehensive than the erstwhile regime. However, there are still some loose ends that need to be fixed.
Under the Companies Act, certain class of profitable entities are required to shell out at least two percent of their three-year annual average net profit towards CSR activities in a financial year.
These new restrictions on CSR funds are part of a list of proposed amendments to the Companies Act, 2013, that the government will take up during the Winter session of Parliament
A host of corporates like the Tatas, Infosys, Axis Bank, and many others have warmed up to the idea of spending a part of their CSR budget on restoring indigenous art forms and heritage.
The Companies Act of 2013 made it mandatory on all listed companies with a Rs 500 crore annual sales or Rs 100 crore in annual profit to set aside 2 percent of their profit on socially affirmative action or CSR.
The PM launched "Main Nahi, Hum" as an app and platform. In 2014, it was the tagline of a campaign by Congress. It was earlier used by Modi in 2011 while he was Gujarat CM
Each van is staffed with a doctor, pharmacist, programme coordinator and aims to reach out to 75 patients a day
Addressing a gathering at a CSR award event organised by India Health and Wellness Summit Initiative here, she also said the government "wants the corporate sector to really supplement our efforts".
Responding to supplementaries during the Question Hour, Corporate Affairs Minister Piyush Goyal said the government does not "micro manage" CSR activities.
Minister of State for Corporate Affairs PP Chaudhary said that whenever violation of CSR provision is reported, the Registrar of Companies takes action after due examination of records.
Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards corporate social responsibility (CSR) activities.
The finds were based on an analysis of 1,186 eligible and listed companies by Crisil Foundation.
MoS Corporate Affairs PP Chaudhary said that there was nothing wrong in auditing CSR spending, which is a yearly total spend of Rs 15,000 crore.
Spend on eradication of hunger and poverty, healthcare and sanitation fell by 18.6 percent, as compared to FY16
The corporate affairs ministry has given permission for penal action against 196 companies for violating CSR norms in 2014-15 fiscal year.
Under the Companies Act, 2013, certain class of profitable entities have to spend at least 2 per cent of their three-year average annual net income towards CSR activities in a financial year.
Under the Holistic Rural Development Programme (HRDP), the bank has already empowered 750 deprived villages across the country in the last two-and-half years. The latest village in this chain is Umpathaw in the state.
Under Clause 135 of the Companies Bill, 2012 (the ‘CSR Clause’) requires targeted companies to spend a prescribed amount on CSR for the applicable fiscal year on activities specified under Schedule VII of the Act and to report on the same.