IndiaCSR News Network
NEW DELHI: The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Lok Sabha in a written reply today that Oil Marketing Companies (IOCL, BPCL, HPCL) and ONGC allocate funds under their Corporate Social Responsibility as per the guidelines and norms set by Department of Public Enterprises, with special attention to development of weaker sections of the society and backward districts of the country.
The CSR budget is not allocated state-wise. The funds allocated/spent for the purpose by the OMCs and ONGC during the last three years and the current year are given below:
(Rs. in crore)
The utilisation of the funds allocated under CSR budget is also governed by the guidelines and norms of Department of Public Enterprises, which stipulate the provision for carrying forward of un-spent CSR amount to the next year’s budget.
The information is being collected.
Section 135 of the Companies Act 2013 mandates every company above a certain threshold level of turnover or net worth or net profit to spend at least two per cent of its average net profits during the three immediately preceding financial years on Corporate Social Responsibility (CSR).
As per provisions of the Act, monitoring of implementation of CSR policy is with the Board of the Company. Besides, Audit under the Companies Act will also afford effective monitoring in this regard. In order to provide guidelines to corporates for proper implementation of CSR, the Ministry of Corporate Affairs has also issued a series of clarifications through a General Circular dated 18th June 2014(http://www.mca.gov.in), that deals with certain matters not covered under the Act or Rules but which facilitate smooth implementation of their CSR Policies.