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Last updated: 20 Jan, 2018  

Arun.9.Thmb.jpg Jaitley calls for CSR compliance by corporates

Arun.Jaitley.9.2017.jpg
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SME Times News Bureau | 20 Jan, 2018

Finance Ministry Arun Jaitley on Friday cautioned corporates that ensuring CSR compliance has become more important for them as their activities will now be open to public gaze.

Launching the national CSR data portal and corporate data portal in New, Jaitley said, "...That everyone is on his feet in order to realise that if there is any impropriety, the possibility of it being detected is going to be very high.”

"Being open to public gaze has its own advantages. It has the advantage that there is a pressure on everyone to make sure that compliances do take place, " he added.

Complete information about 12 lakh active companies such as academic qualifications of directors on the boards of firms would be made available on the new portal.

There are around 30 lakh directors in this country.

Jaitley said this transparency was "good for the system and for corporate India".

"It's good that your details to the extent that they are to be made public, are being made public."

He said unlike in the West, philanthropy in India was more family and community centric with religious groups, caste groups and social groups engaged in it.

"Corporate India didn't have a structured manner of doing it. Some did it on their own initiative. Now that the provisions have been incorporated, (they) persuade corporate India to move in that direction.

"I think there has been a fairly credible and positive response to it," he said.

 
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