{"id":86366,"date":"2019-11-26T15:44:37","date_gmt":"2019-11-26T10:14:37","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=11929"},"modified":"2019-11-26T15:44:37","modified_gmt":"2019-11-26T10:14:37","slug":"corporate-social-responsibility-undertaken-by-oil-psus","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/corporate-social-responsibility-undertaken-by-oil-psus\/","title":{"rendered":"Corporate Social Responsibility undertaken by Oil PSUs"},"content":{"rendered":"\n<p><strong>News:<\/strong>Union Minister for Petroleum and Natural Gas has informed Lok Sabha about the initiatives undertaken by Oil PSUs as part of their Corporate Social Responsibility(CSR).<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>About Corporate Social Responsibility(CSR):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Corporate social responsibility(CSR) was initiated through the Companies Act, 2013.<\/li><li>The act mandates companies and government organisations with (a)turnover of Rs1,000 crore or more(b)net worth exceeding Rs 500crore or (c)having more than Rs 5 crore in net profits to spend 2% of average net profit of the preceding three years on CSR.<\/li><li>The provisions of CSR are not only applicable to Indian companies but also applicable to branch and project offices of a foreign company in India.<\/li><li>The qualifying company is required to constitute a CSR Committee consisting of 3 or more directors.<\/li><li>The Committee will formulate and recommend to the Board, a policy which indicates the activities to be undertaken, allocate resources and monitor the CSR Policy of the company.<\/li><li>The CSR amount can be spent on initiatives that would have social, economic and environmental impact or a way to give back to the society.<\/li><li>Government has also widened the scope of CSR activities and companies can now contribute towards research across various fields such as science, technology and medicine.&nbsp;<\/li><li>Besides,CSR funds can also be spent on incubators funded by the Centre or state or any state-owned companies.<\/li><\/ul>\n\n\n\n<p><strong>Additional information:<\/strong><br><\/p>\n\n\n\n<p><strong>About Injeti Srinivas Committee on CSR:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Government had formed a High Level Committee on Corporate social responsibility(CSR) under the Chairmanship of Corporate Affairs Secretary Injeti Srinivas.<\/li><li>The committee has recommended that CSR expenditure should be eligible for tax deduction under the income tax law.Currently,income tax law does not allow CSR spends as tax deductible amount.<\/li><li>It has suggested to align Schedule 7 of the Companies Act which outlines the kinds of activities that qualify as CSR with the United Nations Sustainable Development Goals.<\/li><li>It has also recommended a provision to carry forward of unspent CSR balance for a period of three to five years.<\/li><li>The violation of CSR compliance may be made a civil offence and shifted to the penalty regime.<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:Union Minister for Petroleum and Natural Gas has informed Lok Sabha about the initiatives undertaken by Oil PSUs as part of their Corporate Social Responsibility(CSR). Facts: About Corporate Social Responsibility(CSR): Corporate social responsibility(CSR) was initiated through the Companies Act, 2013. The act mandates companies and government organisations with (a)turnover of Rs1,000 crore or more(b)net worth&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/corporate-social-responsibility-undertaken-by-oil-psus\/\">Continue reading <span class=\"screen-reader-text\">Corporate Social Responsibility undertaken by Oil PSUs<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3774],"class_list":["post-86366","post","type-post","status-publish","format-standard","hentry","category-economy","tag-corporate-social-responsibility","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700793722,"cached_date":1704619185},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86366"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86366\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}