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.