Government mulls annual report card on CSR funds for effective use of resources
Updated : June 27, 2019 08:29 PM IST
In a bid to give fillip to the corporate social responsibility (CSR) norms enlisted in the Companies Act, 2013, the ministry of corporate affairs is mulling to have an annual report which will highlight use of CSR funds.
All companies having net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more, or a net profit of Rs 5 crore, or more have to spend 2 percent of their average three-year annual net profit towards CSR activities in a financial year.
Some of the measures suggested by the HLC are likely to be included in the companies Act with immediate effect.
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