Govt amends rules governing corporate social responsibility – The government has amended rules governing corporate social responsibility (CSR) and asked companies having any amount in their unspent corporate social responsibility accounts to establish a CSR committee. official notification was issued by the Ministry of Corporate Affairs.
- Certain classes of profitable companies will have to spend at least 2% of their average net profit of the preceding three financial years on CSR activities in a particular financial year Under the Companies Act, 2013.
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022
- Businesses having any amount in their ‘unspent corporate social responsibility account’ must establish a CSR committee to oversee the implementation of their CSR obligations.
- Companies will be allowed to keep unspent amounts earmarked for CSR in this designated account however, they will have to spend the amount within three financial years.
- As per the new rules, the expenditure for social impact assessment, included in the CSR spending, shall not exceed 2.5% of total CSR expenditure for the relevant financial year or ₹50 lakh whichever is higher.
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