Monetary valuation on CSR spending by year end

GN Bureau | September 21, 2015



With over a year of operation, the centre is collating the figures and a report will be submitted at end of this year on the total amount spent by companies on implementing their corporate social responsibility (CSR) projects during 2014-15.

A comprehensive list will also be prepared of companies which have participated in the mandatory scheme drafted by the centre.

"We have to wait and see till the end of December for a comprehensive list of CSR companies as well as the total amount that has been spent during 2014-15 which is the first year of CSR implementation," economic advisor to the ministry of corporate affairs, Sibani Swain, told media.

She referred to a media report based on a survey by a market research firm which estimated Rs.4,000 crore as the spend by the country's top 75 companies.

"What is coming in the media is Rs.4,000 crore will be coming from CSR - I have read it in a media report. But if one reads it correctly, it is a KPMG study actually which brings only the top 75 companies which are listed in the stock exchange," she said.

Indicating that the total spend on CSR will be much higher, she added: "This top 75 companies' CSR fund spends amount to Rs. 4,000 crore and not all the CSR-eligible companies."

The centre has made it mandatory for companies with a net worth of more than Rs.500 crore or revenue of over Rs.1,000 crore or a net profit exceeding Rs.5 crore to spend at least two percent of their average net profit (last three years) for social development projects.

The Central government expects to collate the data on corporates' CSR spending activities under the new companies law by end of this year, according to an official.

However, the Centre was waiting for companies to file their compliance reports on meeting corporate social responsibility (CSR) obligation under the new Act, before it could move further on collating the data.

Comments

 

Other News

IRCTC listing still lingering despite clearance in 2017

Ministry of railways’ decision of holding the listing of Indian Railway Catering and Tourism Corporation (IRCTC) has exposed its seriousness in listing its public enterprises in stock exchanges. Although the decision was taken one year back, the national transporter does not have a com

Delhi crisis shows failure of governance, says ex Delhi chief secy

The tussle between the Aam Aadmi Party (AAP) and lieutenant governor of Delhi Anil Baijal has entered into its fourth day on Thursday. With no immediate solution to the ongoing ego-tussle, citizens are the mute sufferers.  Umesh Sehgal, former chief secretary of Delhi, feels that instead of

The steel frame in peril

As a nervous, young IAS aspirant in 1977, I remember being thrilled to see my name in the newspapers when the list of successful candidates was published. Indeed, I was hoping to be allotted my home state, Kerala, but knew that my rank in the exams did not make that possible. Yet, I cannot deny being a lit

Sitharaman unveils BEL’s 16 MW solar power plant

 A 16 MW grid-connected solar power plant set up by Bharat Electronics Limited (BEL) was unveiled by defence minister Nirmala Sitharaman at Heavy Vehicle Factory (HVF) in Avadi on June 8.   BEL is establishing energy security for the ordnance factory estates under the Viabil

Govt plans to install 300 mn tonnes of steel capacity by 2030, says steel minister

Chaudhary Birender Singh says SAIL is at par with any other international steel enterprise   Union minister of steel Chaudhary Birender Singh has said that SAIL is a major contributor of the country’s steel production industry and is foremost in terms of production tech

BHEL to set up two solar photovoltaic plants in Gujarat

 BHEL has bagged two orders, valued at Rs 125 crore, for setting up solar photovoltaic (SPV) power plants in Gujarat. Both the plants will be built at Gujarat Solar Park in Gujarat. The first order for setting up a 20 MW SPV power plant has been placed on BHEL by Gujarat Alkalies and Chemica

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter