IndiaCSR News Network
Indian companies with foreign investors who carry out Corporate Social Responsibility (CSR) programs are now being scrutinized by the government. The companies reportedly are increasing stinging activities in the grey areas among their CSR contributors.
Companies with more than 50% foreign shareholders make donations to NGOs that have obtained Foreign Contribution Regulation Act (FCRA) clearance. Organizations like Infosys, HDFC, ICICI and Hindustan Liver have started their own foundations under the CSR project.
As per a report published in ET, many companies like ICICI await clarifications from the government in this grey area. In March 2015, ICICI’s foreign shareholding was 41.23% and in the past, it crossed the foreign shareholding cap under FCRA of 50%. The bank, which spends over 2% of its profit in CSR in skills development, livelihood, health, and elementary education, does not give grants to NGOs but to its Foundation, which in turn partners with NGOs.
“ICICI Bank doesn’t invest in ICICI Foundation — it is a donation and contribution for social causes. In that perspective, we made a representation two to three years ago to the ministry of corporate affairs about not putting us under the purview of FCRA, but there has been no response,” says Chinmay Sengupta, COO, ICICI Bank Foundation.
(Source: CSR Business Insider)
IndiaCSR is renowned and No.1 news portal in the domain of CSR, which is live since 2009. www.indiacsr.in is for you and your organization. Kindly support and promote it. We welcome reactions to stories, comments on issues that interest you, feedback & comments from your side to make it more purposeful and resourceful, we will carry it in our portal. Please send us your valuable feedback, suggestions and news, press releases, articles and contributions at firstname.lastname@example.org. You can find updates at Facebook IndiaCSR News Network )
Join our WhatsApp and Telegram Channels to stay updated with the latest CSR news and exclusive updates.
By donating to India CSR as you feel moved, you become more than a reader—you become a partner, a co-navigator charting the course for a more enlightened future.