SME Times is powered by   
Search News
Just in:   • Arun Jaitley passes away  • Samsung Galaxy M30s with 48MP camera in India next month  • Johnson, Trump speak ahead of G7  • Facebook downplayed Cambridge Analytica data scandal  • Google cracks whip on political debates at workplace 
Last updated: 14 Aug, 2019  

CSR generic THMB Committee on CSR submits report to FM

CSR.9.jpg
   Top Stories
» Arun Jaitley passes away
» Spectacular opening to WorldSkills Kazan 2019
» MSMEs, startups get relief as Govt announces support measures
» Amid FPI sell-off govt withdraws enhanced surcharge
» Exporters hail initiatives to propel economy
SME Times News Bureau | 13 Aug, 2019

Injeti Srinivas, Secretary (Corporate Affairs), on Tuesday presented the Report of the High Level Committee on CSR to the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman.

The Committee has made far reaching recommendations.  The main recommendations  include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 – 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens’  welfare, welfare of differently abled persons, disaster management and heritage protection), balancing local area preferences with national priorities, introducing impact assessment studies for CSR obligation of 5 crore or more, and registration of implementation agencies on MCA portal. 

The other recommendations include developing a CSR exchange portal to connect contributors, beneficiaries and agencies, allowing CSR in social benefit bonds, promoting social impact companies, and third party assessment of major CSR projects.

The Committee has emphasized on not treating CSR as a means of resource gap funding for government schemes.  The Committee discourages passive contribution of CSR into different funds included in Schedule VII of the Act.  It has emphasized on CSR spending as a board driven process to provide innovative technology based solutions for social problems. 

The Committee has also recommended that companies having CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee.  The Committee has also recommended that violation of CSR compliance may be made a civil offence and shifted to the penalty regime.

The High Level Committee on CSR was constituted in October, 2018 under the Chairmanship of Secretary (Corporate Affairs) to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes. 

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 24 Aug, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» Calicut University Collaborates with ACCA(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter