look news india
The Central Government is giving priority to the proposal to amend the Corporate Social Responsibility (CSR) rules. The idea is to cover the CSR scope and more activities of corporate companies. Not only this, strict provisions will be made for companies to strictly follow CSR rules. Under which the amount of fine can be increased. However, the said exercise to amend the rules will be done after the Lok Sabha elections. It is noteworthy that according to the Companies Act, corporate companies have to spend two percent of the average profit of the last three financial years to fulfill their social role.
Annual expenditure on CSR by companies (in crores) in rupees)
*17,099 in financial year 2017-18
*20,218 in financial year 2018-19
*24,966 in financial year 2019-20
*26,211 in financial year 2020-21
*26,279 in financial year 2021-22
What is CSR?
CSR is the short form of Corporate Social Responsibility. That is, corporate companies not only have to spend a certain amount of their average profits not only to earn profits but also to play their role in the social activities happening around them and towards the society.
How many companies followed CSR in FY 2022?
*10,657 companies spent more than the fixed amount
* 1,251 companies spent the fixed amount
*3.151 companies spent less than the fixed amount
* There were 3,984 companies which did not spend a single rupee