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.
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