Govt amends rules governing corporate social responsibility

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.

★★★★  You Can Also Read  ★★★★

Computer Awareness Quiz Questions Set (Banking)
Read Daily Current Affairs Topic Wise
Daily Current Affairs Quiz (Current GK Test)
Static Gk Quiz Questions and Answers

📣 Prepare Exams is now on Facebook, Twitter, Instagram, YouTube Channel, and Google News to get all the latest News. Download PrepareExams App for Latest Updates.

******** End ********

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *