- The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of other amendments introduced by the government.
- It is a one-time registration in a simple single-page form where details of the members, PAN number etc has to be provided which can help us identify the implementing agencies on the MCA21 portal
- Each CSR project would be given a unique registration number upon submission of the Form CSR-1 which can be used to track the project.
- Every company having average CSR obligation of Rs 10 crore or more in the three preceding financial years, will have to undertake an impact assessment study of its projects, through an independent agency.
- CSR Committee -The company’s board has to mandatorily disclose the composition of the CSR Committee, and CSR policy and projects on their website for public access. Companies with CSR liability of less than Rs 50 lakh will not have to form a CSR committee.
Team – Intellex Strategic Consulting Pvt Ltd
Intellexconsulting.com, Venturestreets.com, IntellexFinance.com
