Ministry of Corporate Affairs Amends CSR Norms To Further CSR Objectives: ELP Analysis
MCA tweaks rules for CSR amount remaining unspent relating to ongoing projects.
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With the objective of providing wider and clearer regulation for companies complying with Corporate Social Responsibility norms under the Companies Act, 2013, Ministry of Corporate Affairs has amended the Companies (Corporate Social Responsibility Policy) Rules, 2014. The amendments include the following changes:
A company having any amount in its Unspent Corporate Social Responsibility Account related to ongoing projects shall constitute a CSR Committee to comply with the CSR norms under CA2013;
Removal of exemption from complying with CSR norms given to certain companies which ceased to come within the purview of Section 135;
Clarity on implementing agencies which can carry out CSR activities;
Changes in the amount that can be booked as expenditure towards Corporate Social Responsibility for companies undertaking impact assessment;
New format for the Annual Report on CSR Activities has been provided along with revision of e-form CSR–1.
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