CSR POLICY RULES

government-clarifies:-it-won’t-use-csr-funds-for-projects

Government clarifies: It won’t use CSR funds for projects

Corporate Social Responsibility (CSR) funding in India still needs to be properly utilized with the government denying using this funds for its projects. Corporate can now count contributions towards designated technology incubators and contributions to public funded universities, Indian Institutes of Technologies, national laboratories and autonomous bodies engaged in research as part of their CSR expenditure.

Public sector firms spent Rs 2,553.36 crore towards corporate social responsibility expenditure in 2017-18, down 22.5 per cent from Rs 3,296 crore in the previous fiscal, Union minister of state for finance and corporate affairs Anurag Singh Thakur said. The FY17 number itself was 21.8 per cent less than state-run companies’ CSR spend in the previous year.

CSR expenditure by private sector companies increased 7.42 per cent during the same time period, from Rs 10,302.50 crore in 2015-16 to Rs 11,067 crore in 2017-18. The minister has also clarified that there was currently no provision requiring companies to mandatorily geo-tag their CSR projects. The board of directors of a company was empowered to decide on CSR expenditure to be undertaken and to monitor CSR activities.

 

20 Nov 2019
presidents-confers-first-csr-awards

Presidents confers first CSR awards

For the outstanding contribution in the area of CSR, President of India Ram Nath Kovind has conferred first National CSR Awards to various companies. Power Grid Corporation of India has been given the award for excellent services in the category of above Rs 100 crore CSR spend. Total 38 awards were given.

Mahindra and Mahindra got the award for Rs 10 to Rs 100 crore spend, Edelweiss Financial Services Limited for Rs 1 to Rs 10 crore spend and Paranjape Autocast Pvt. Ltd for less than Rs 1 crore spend. Speaking on the occasion of the awards ceremony in New Delhi, the President said, it is important to internalise social welfare in the corporate culture and the companies has shown that it is possible to be profitable while being socially and environmentally responsible.

He commended efforts of the Union ministry of corporate affairs for initiating the National CSR Awards in the 150th birth anniversary year of Mahatma Gandhi. These awards will be conferred every year on October 2.

Kovind said that many illustrious business families like Tata, Birla, Bajaj and many others associated with freedom struggle were sensitive to their social responsibilities. Gandhi ji developed the principle of trusteeship on the basis of the generosity of industrialists associated with him. He further said that every fiscal year since 2014-15, the corporate sector has set aside more than Rs. 10,000 crore for social welfare and various social sectors like education, environment, health, poverty eradication, sanitation and safe drinking water have benefitted from this effort.

India has been consistently improving its rank in ease of doing business indicator by the efforts of the government and the government is also sensitive about the need to calibrate the CSR regime to make it more effective. Mentioning a quote, the president said, respect is achieved by donating the wealth not by storing it, clouds attain a higher position by giving away water whereas the oceans remain at a lower position by storing water.

29 Oct 2019
government-clarifies:-it-won’t-use-csr-funds-for-projects

Government clarifies: It won’t use CSR funds for projects

By IndianMandarins 20 Nov 2019

Corporate Social Responsibility (CSR) funding in India still needs to be properly utilized with the government denying using this funds for its projects. Corporate can now count contributions towards designated technology incubators and contributions to public funded universities, Indian Institutes of Technologies, national laboratories and autonomous bodies engaged in research as part of their CSR expenditure.

Public sector firms spent Rs 2,553.36 crore towards corporate social responsibility expenditure in 2017-18, down 22.5 per cent from Rs 3,296 crore in the previous fiscal, Union minister of state for finance and corporate affairs Anurag Singh Thakur said. The FY17 number itself was 21.8 per cent less than state-run companies’ CSR spend in the previous year.

CSR expenditure by private sector companies increased 7.42 per cent during the same time period, from Rs 10,302.50 crore in 2015-16 to Rs 11,067 crore in 2017-18. The minister has also clarified that there was currently no provision requiring companies to mandatorily geo-tag their CSR projects. The board of directors of a company was empowered to decide on CSR expenditure to be undertaken and to monitor CSR activities.

 

presidents-confers-first-csr-awards

Presidents confers first CSR awards

By IndianMandarins 29 Oct 2019

For the outstanding contribution in the area of CSR, President of India Ram Nath Kovind has conferred first National CSR Awards to various companies. Power Grid Corporation of India has been given the award for excellent services in the category of above Rs 100 crore CSR spend. Total 38 awards were given.

Mahindra and Mahindra got the award for Rs 10 to Rs 100 crore spend, Edelweiss Financial Services Limited for Rs 1 to Rs 10 crore spend and Paranjape Autocast Pvt. Ltd for less than Rs 1 crore spend. Speaking on the occasion of the awards ceremony in New Delhi, the President said, it is important to internalise social welfare in the corporate culture and the companies has shown that it is possible to be profitable while being socially and environmentally responsible.

He commended efforts of the Union ministry of corporate affairs for initiating the National CSR Awards in the 150th birth anniversary year of Mahatma Gandhi. These awards will be conferred every year on October 2.

Kovind said that many illustrious business families like Tata, Birla, Bajaj and many others associated with freedom struggle were sensitive to their social responsibilities. Gandhi ji developed the principle of trusteeship on the basis of the generosity of industrialists associated with him. He further said that every fiscal year since 2014-15, the corporate sector has set aside more than Rs. 10,000 crore for social welfare and various social sectors like education, environment, health, poverty eradication, sanitation and safe drinking water have benefitted from this effort.

India has been consistently improving its rank in ease of doing business indicator by the efforts of the government and the government is also sensitive about the need to calibrate the CSR regime to make it more effective. Mentioning a quote, the president said, respect is achieved by donating the wealth not by storing it, clouds attain a higher position by giving away water whereas the oceans remain at a lower position by storing water.

hudco-registers-87%-growth-in-disbursements-in-fy-2018-19

HUDCO registers 87% growth in disbursements in FY 2018-19

By IndianMandarins 03 Apr 2019

HUDCO CMD, Dr M Ravi Kanth, has said that the during 2018-19, the company sanctioned a total of 20.6 lakh dwelling units those in the EWS and LIG categories involving the disbursement of Rs. 31,010 crores, representing a growth of 87% over the previous year’s disbursements of 16,565 crores. 

 

He said HUDCO became a listed company in 2017 and has maintained its AAA rating for the third consecutive year. As of December 2018, HUDCO’s gross NPA stood at 5.82% and net NPA at 0.80%, which is among the lowest in the sector. HUDCO is expected to get Excellent rating for the eighth year in a row, for the tripartite MoU signed by HUDCO with MoHUPA and DPE for the year 2018-19.

 

Dr. Kanth pointed out that since inception, the company has financed over 17,100 housing and infrastructure projects with a cumulative sanction of Rs. 2,01,931 crore and disbursements of Rs.1,66,175 crore. HUDCO has supported more than 19.34 million houses in the country, both in rural and urban areas, thus making it the largest facilitator of housing delivery in the country.

 

HUDCO has also been consistently working to accelerate the pace of providing quality urban infrastructure in the country over the decades by financing over 2,200 infrastructure projects, covering utility, social and commercial infrastructure. Major infrastructure projects sanctioned include a line of credit of Rs. 2175.30 crore to Odisha Urban infrastructure Fund Board for stormwater/drainage works in five cities of Odisha and financial assistance of Rs. 200 crore to Agartala Smart City Ltd.

 

HUDCO has been identified as one of the Central Nodal Agencies (CNA) to channelize the subsidy under the Credit-Linked Subsidy Scheme of Housing for All (Urban) Programme under the Pradhan Mantri Awas Yojana. As CNA, HUDCO has executed MoU with 86 Banks/ Prime Lending Institutions (PLIs) for EWS/LIG category and with 80 Banks/PLIs for MIG-I and MIG-II. It has disbursed Rs.318.03 crore as CLSS subsidy to EWS/LIG 14825 beneficiaries and Rs.86.33 Crore as CLSS subsidy to 4215 MIG beneficiaries till 31-03-2019.

 

During 2018-19, the company disbursed Rs.260.99 crore CLSS subsidy to 11738 EWS/LIG beneficiaries and Rs.80.96 crore CLSS subsidy to 3937 MIG category beneficiaries, through its Retail Finance Window i.e. HUDCO Niwas.

 

As part of its capacity-building efforts, HUDCO conducted five research studies and 16 training programmes, including three International training programme for professionals under the ITEC programmes of the Ministry of External Affairs.

 

The annual HUDCO Design Awards, which give recognition and encourage innovative ideas of architects, town planners, and engineers that make cities inclusive, liveable and environmentally sustainable, were given to seventeen awardees under five categories.

 

In line with the thrust areas identified in its Corporate Social Responsibility (CSR) and Sustainability Policy, HUDCO has sanctioned assistance of Rs. 9.30 crore for socially beneficial proposals all over the country, such as sanitation, education and healthcare, renewable energy solutions, employment-oriented skill training programmes and rehabilitation housing for flood victims in Kerala.

cpses-spend-rs-10,806.92-crs-in-csr-projects-in-03-yrs

CPSEs spend Rs 10,806.92 crs in CSR projects in 03 yrs

By IndianMandarins 27 Dec 2018

384 CPSEs invested Rs 10,806.92 crore in corporate social responsibility (CSR) activities and projects from FY 16 to 18 in accordance with CSR Policy Rules 2014.

 

According to official data, 106 CPSEs spent Rs 4028.04 crore in 2015-16, 126 PSUs Rs 3,336.50 crore in 2016-17 and 152 enterprises Rs 3,442.38 crore in 2017-18 in CSR activities.


As per CSR provisions of the Companies Act, 2013, CPSEs take up CSR activities on the recommendations of their CSR Committees constituted with the approval of boards of respective CPSEs. All CPSEs are mandated to implement such activities and projects out of the activities listed in the Companies Act, 2013 in pursuance of their CSR policy as notified by the ministry of corporate affairs in companies (CSR Policy) rules, 2014. The department of public enterprises (DPE) is the nodal department for CPSEs but it does not have any CPSE under its direct administrative control.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.