CSR Spending

The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani

Singh said it is a broad-based activity that the Board undertakes and we give general guidelines and the Board implements it

Overall CSR allocations appear to have taken a hit during the pandemic even as they became skewed towards certain sectors

The Parliamentary Standing Committee on Finance expressed concerns over the monitoring mechanism in ensuring compliance with the provisions of CSR

Engineering conglomerate Larsen and Toubro (L&T) spent Rs 150 crore in FY'21 on corporate social responsibility activities, impacting 1.21 million beneficiaries.

In 2019-20 financial year, the CSR expenditure stood at Rs 24,864 crore; As per data available on the portal, the total CSR spending in the last two financial years is more than Rs 45,200 crore

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Corporate Social Responsibility spending under the companies law should not be interpreted as a source of financing the resource gaps in government schemes, the Ministry of Corporate Affairs said

Majority of money spent in last three years; In Covid-dominated FY21, the amount is likely to have crossed Rs 22,000 cr

HDFC Bank spent Rs 634.91 crore towards #Parivartan, the umbrella programme for all Corporate Social Responsibility initiatives, in FY 2020-21

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If such capital expenditure was incurred as part of CSR in the past, the assets need to be transferred within six months.

Talks with key executives in listed firms reveal diversion from existing plans such as supporting cancer hospitals, towards giving all the money under their budget to help deal with pandemic

Finance Minister Nirmala Sitharaman had tweeted on March 29 that CSR Funds can now donate to PM CARES Fund

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The corporate affairs ministry, which is implementing the companies law, has issued a memorandum clarifying that money donated by corporates to the fund would be considered as CSR expenditure