Advised to deposit money they could not spend on CSR activities
GN Bureau | August 5, 2016
The government has turned to state-run companies to contribute to an account created to finance the prime minister's Swachh Bharat programme. The department of public enterprises (DPE) has sent out an advisory, asking central public sector undertakings (PSUs) to deposit the money that they could not spend on corporate social responsibility programmes in the last fiscal in the Swachh Bharat Kosh, according to a report by the Economic Times.
According to the new Companies Act, a company with a net worth of Rs 100 crore or more has to set aside a minimum 2 percent of the three-year average annual net profit for CSR activities. During the first year (2015-16) of the new CSR rules, PSUs spent about Rs 2,300 crore on CSR activities which was 71 percent of what they should have under the rules. During the last fiscal year, 460 companies including 51 PSUs spent a little over Rs 6,300 crore on CSR activities.
Corporate affairs minister Arun Jaitley, in a written reply to the Rajya Sabha in May, had said companies contributed Rs 42.64 crore to the Swachh Bharat Kosh. They also spent Rs 15.49 crore towards the 'Clean Ganga Fund'. If the PSUs put in all the unspent money in the account, that would be close to Rs 1,000 crore.
Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of
India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be
Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499
Deepfake has emerged as a serious threat to democracy and social institutions across the world. Propagation of deepfake content via social media platforms has aggravated this challenge. Ministry of Electronics and Information Technology (MeitY) has, from time to time, advised social media in
Two level of roads not enough, BMC to have triple traffic jams through underground junctions There is no shortage of short-sighted traffic experts who believe that creating more vertical space (either above or below the level) in already overcrowded and congested cities will be cou
The Election Commission of India’s persistent efforts have led to a significant and exponential increase in seizures in the five poll-going states of Mizoram, Madhya Pradesh, Chhattisgarh, Rajasthan and Telangana. Seizures over Rs 1,760 crore have been reported in these five states since the announce