(a) whether the Government has issued any fresh guidelines for use of the Corporate Social Responsibility (CSR) funds of the companies and if so, details thereof;
(b) whether a Member of Parliament can utilise the CSR funds for the development work in his/ her constituency and if so, the details and manner of utilizing the funds thereof; and
(c) whether any agency has been established to monitor the development works undertaken under the CSR fund and if so, details thereof?
THE MINISTER OF STATE FOR FINANCE
AND CORPORATE AFFAIRS (SHRI ANURAG SINGH THAKUR)
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(a) to (c): Section 135 of the Companies Act, 2013 (Act) mandates every company having net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more, or net profit of Rs. 5 crore or more during the immediately preceding financial year, to spend at least two percent of the average net profits of the company towards Corporate Social Responsibility (CSR) as per the CSR Policy of the company. The activities undertaken towards CSR should relate to areas or subjects specified in Schedule VII of the Act. The operational framework with respect to CSR is contained in the Companies (CSR Policy) Rules, 2014. CSR is a Board driven process and the board of the company is empowered to plan, decide, execute and monitor the CSR activities of the company based on the recommendation of its CSR Committee. The entire CSR architecture is disclosure based and CSR mandated companies are required to file details of CSR annually in the MCA21 registry.
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