India CSR Network
No Result
View All Result
  • Login
  • Register
SUBSCRIBE
  • Home
  • CSR
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Environment
    • Education
    • Gender Equality
    • Health
    • Skill Development
    • No Poverty
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Articles
  • Interviews
  • Events
  • BOOKS
  • More
    • Technology
    • Lifestyle
    • Case Studies
    • Knowledge
    • Social Sector Leaders
    • Social Entrepreneurship
    • Philanthropy
    • Sports
    • Gaming
  • Prime
  • Home
  • CSR
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Environment
    • Education
    • Gender Equality
    • Health
    • Skill Development
    • No Poverty
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Articles
  • Interviews
  • Events
  • BOOKS
  • More
    • Technology
    • Lifestyle
    • Case Studies
    • Knowledge
    • Social Sector Leaders
    • Social Entrepreneurship
    • Philanthropy
    • Sports
    • Gaming
  • Prime
  • Login
  • Register
No Result
View All Result
India CSR Network
No Result
View All Result
Home CSR

No CSR Committee need for having spending obligation of less than Rs 50 lakh

by India CSR Network
2 years ago
in CSR
ADVERTISEMENT

Govt. said that firms that have a spending obligation of less than Rs 50 lakh under CSR would no longer have to constitute CSR committees. Around 15,000 companies which have CSR obligation of Rs 50 lakh or less will be exempt from the requirement of setting up CSR panels. Around 20,000 companies have to meet CSR obligations every year and the annual CSR spend is estimated at Rs 15,000 crore.

Firms that have a spending obligation of less than Rs 50 lakh under CSR would no longer have to constitute CSR committees. “We will recategorise 23 offences out of 66 compoundable offences. And these 23 offences will be dealt under an in-house adjudicating framework. We are also doing away with 7 compoundable offences and limiting 11 compoundable offences to just penalty (by removing imprisonment). Also, five offences would be dealt with under an alternative framework,” finance minister Nirmala Sitharaman said after the Cabinet meeting.

Around 15,000 companies which have CSR obligation of Rs 50 lakh or less will be exempt from the requirement of setting up CSR panels. Around 20,000 companies have to meet CSR obligations every year and the annual CSR spend is estimated at Rs 15,000 crore. The top 5,000 firms account for almost 80% of the total CSR spend.

ADVERTISEMENT

Sitharaman said with respect to CSR spending, if a firm has an obligation of spending more than the mandated 2% spend in a year, then such firm would be allowed to carry it forward for the next 2 or 3 years.

The Cabinet also approved the provision for allowing payment of adequate remuneration to non-executive directors in case of inadequacy of profits by aligning with provisions for remuneration to executive directors. This means that a debt-ridden company which has not been posting profits would be able to retain talented independent directors and non-executive directors to help it come out of the rut.

The amendments to Companies Act also allows for proposing more benches of the National Company Law Appellate Tribunal (NCLAT) and removing restrictions on maximum members in NCLAT in view of the increasing workload of the appellate tribunal. The amendments approved are largely based on recommendations of the Companies Law Committee, which was set up in September last year.

Currently, to access overseas investments, Indian investors have either get companies registered in foreign countries and then get listed on foreign stock exchanges or use the depository receipts route. While this is relatively easier for large India business houses, start-ups and small firms find this route difficult.

CSRBooks.com CSRBooks.com CSRBooks.com
Tags: CSR CommitteeCSR in IndiaNirmala Sitharaman
ShareTweetPin

India CSR Network

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium content, we invite you to subscribe it.

Related Posts

CSR: 10,000 breast cancer screenings successfully completed under ‘Swasth Mahila, Swasth Goa’ initiative
CSR

CSR: 10,000 breast cancer screenings successfully completed under ‘Swasth Mahila, Swasth Goa’ initiative

May 19, 2022
Dalmia Bharat Foundation Signs MoA with BSL to Enable Social Transformation in Bokaro
CSR

Dalmia Bharat Foundation Signs MoA with BSL to Enable Social Transformation in Bokaro

May 18, 2022
CSR

CSR: Fareportal Reinvents their CSR Wing with Nayi Disha and CanKids

May 18, 2022
CSR: Mitsubishi Electric India Boosts Philanthropic Activities in Bengaluru Region
CSR

CSR: Mitsubishi Electric India Boosts Philanthropic Activities in Bengaluru Region

May 18, 2022
CSR: Apparel Made-ups, Home Furnishing Sector Skill Council donates 51 lakhs CSR fund to National Skill Development Fund
CSR

CSR: Apparel Made-ups, Home Furnishing Sector Skill Council donates 51 lakhs CSR fund to National Skill Development Fund

May 18, 2022
CSR: Walmart Foundation and S M Sehgal Foundation join hands for Project on ‘Bolstering Farmer Producer Organisations in UP and Karnataka
CSR

CSR: Walmart Foundation and S M Sehgal Foundation join hands for Project on ‘Bolstering Farmer Producer Organisations in UP and Karnataka

May 18, 2022
Tata Steel Meramandali Promotes Professional Volleyball in Dhenkanal
CSR

Tata Steel Meramandali Promotes Professional Volleyball in Dhenkanal

May 18, 2022
CSR: Godrej Disha to make underprivileged youth job ready
CSR

CSR: Godrej Disha to make underprivileged youth job ready

May 18, 2022
Conference on Realisation of SDGs under Current Scenario at Atmiya University Rajkot
CSR

Conference on Realisation of SDGs under Current Scenario at Atmiya University Rajkot

May 17, 2022

Popular Stories

  • What is liberalization?

    0 shares
    Share 0 Tweet 0
  • 7 Reasons Why Smartphone Can Make Your Life Easier

    0 shares
    Share 0 Tweet 0
  • QNET CSR Arm Supports Electrification Project to light up the lives of 470 villagers in Meghalaya

    0 shares
    Share 0 Tweet 0
  • MCA amends Schedule III of Companies Act on disclosure norms in financial statements and Details of Corporate Social Responsibility (CSR)

    0 shares
    Share 0 Tweet 0
  • Key features of India’s National Education Policy 2020

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
India CSR Network

  • Home
  • About Us
  • Team
  • Partnership
  • Contact
  • Terms of Use
  • Subscribe

No Result
View All Result
  • Home
  • CSR
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Environment
    • Education
    • Gender Equality
    • Health
    • Skill Development
    • No Poverty
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Articles
  • Interviews
  • Events
  • BOOKS
  • More
    • Technology
    • Lifestyle
    • Case Studies
    • Knowledge
    • Social Sector Leaders
    • Social Entrepreneurship
    • Philanthropy
    • Sports
    • Gaming
  • Prime
  • Login
  • Sign Up
  • Cart

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In