The Corporate Cannot Use the CSR Fund of its Own in Chhattisgarh

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INDIACSR News Network

RAIPUR: Companies based in Chhattisgarh or having operation now cannot utilizes their Corporate Social Responsibility (CSR) budget or fund of its own. The fund spent by the corporate under the  CSR account would be channeled through the district authorities. Govt is saying that industries are misusing or not using the fund for social development.

Business chambers- PHD Chamber welcomed the move and hoped that it would help the industry from facing allegation of misuse or non ulitisation of fund.

The corporate cannot use the CSR fund of its own and it will now be channelized through the district authorities.” Chief Minister Raman Singh said during a meeting held in Raipur on 22 August 2012. A committee would be formed in each district under the leadership of District Collector that would decide where to use the CSR money and in which project, he added.

The state government new initiative is aimed to ensure full use of the fund earmarked by the industries for the CSR. Companies need to be deposited their CSR fund to District authority.

The Raigarh district administration had earlier started the practice that would now be followed in the entire state with the announcement from state’s chief minister on Wednesday. Raigarh, which is located about 250 east of state capital, is fast emerging as the industrial town of Chhattisgarh with many steel and power projects coming up in the area.

“The committee in Raigarh had approved road building project besides other infrastructure development works in the district. The estimated cost of the projects was calculated at Rs 70 crore and would be incurred by the corporate houses having facilities in the area.” Raigarh Collector said.

 (Photo Caption: Raigarh Collector Amit Kataria and Monnet Group CEO SK Jain during Bhumipuan programm at Raigarh held on 23 August 2012)

 

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