{"id":62701,"date":"2021-01-23T22:25:25","date_gmt":"2021-01-23T20:25:25","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=62701"},"modified":"2021-01-23T23:41:50","modified_gmt":"2021-01-23T21:41:50","slug":"indian-govt-amends-csr-rules-to-boost-transparency","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/indian-govt-amends-csr-rules-to-boost-transparency\/","title":{"rendered":"Indian Govt amends CSR rules to boost transparency"},"content":{"rendered":"<section class=\"title_section clearfix\">\n<div class=\"time_cptn\" dir=\"ltr\" style=\"text-align: left;\">The government on Friday amended the CSR spending rules under the Companies Act to provide greater transparency and flexibility to the corporate sector by allowing it to spend on projects that run for several years apart from permitting setting off excess expenses over three years.<\/div>\n<\/section>\n<div class=\"article_content clearfix\" dir=\"ltr\">\n<div class=\"section1\">\n<div class=\"Normal\" style=\"text-align: left;\">At the same time, the detailed guidelines have prescribed the modalities of spending the funds that have to be earmarked from the profits. Besides, it has mandated registration of agencies implementing CSR activities on behalf of companies. The rules come after the government decriminalised the provisions related to CSR spending and exempted companies with under Rs 50 lakh annual obligation from setting up dedicated committees.<\/p>\n<div id=\"fluid-container\">\n<div id=\"div-gpt-ad-1485328452682222244\" class=\"webonly alC\" data-size=\"fluid\" data-adsslot=\"TOI\/TOI_ROS\/TOI_ROS_AS\/TOI_ROS_AS_Mrec_MID_300\"><\/div>\n<\/div>\n<p>Under the Companies Act, 2013, a large number of profitable companies are mandated to earmark at least 2% of their three-year annual net profit towards corporate social responsibility (CSR) activities. To begin with, under the new norms, CSR funds can only be routed via notfor-profit companies registered under section 8 of the Companies Act, or public trusts or societies registered under the Income Tax Act or entities set up by the government or Parliament.<\/p>\n<div class=\"last5brdiv\"><\/div>\n<p>To provide flexibility, the ministry of corporate affairs has allowed companies to collaborate for CSR activities and also permitted them to create or acquire capital assets through CSR in the name of beneficiaries or a public authority or registered trust, among others.<\/p>\n<div class=\"last4brdiv\"><\/div>\n<div class=\"last3brdiv\">Officials said the idea is to move from just looking at expenditure to focusing on impact of CSR projects implemented under the companies law. To boost transparency, agencies implementing CSR projects for companies need to register with the ministry\u2019s MCA 21 portal and the system will automatically generate a unique CSR registration number. This will help track projects better and check false claims that are often made by companies.<\/div>\n<div><\/div>\n<div class=\"last1brdiv\">Also, international organisations have been permitted to carry out designing, monitoring and evaluation of the CSR projects or programs.<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The government on Friday amended the CSR spending rules under the Companies Act to provide greater transparency and flexibility to the corporate sector by allowing it to spend on projects that run for several years apart from permitting setting off excess expenses over three years. At the same time, the detailed guidelines have prescribed the [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":62702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6261,984],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Govt amends CSR rules to boost transparency - Csr Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/indian-govt-amends-csr-rules-to-boost-transparency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Govt amends CSR rules to boost transparency - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"The government on Friday amended the CSR spending rules under the Companies Act to provide greater transparency and flexibility to the corporate sector by allowing it to spend on projects that run for several years apart from permitting setting off excess expenses over three years. 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