Current Affairs

Report of the High Level Committee on CSR presented to FM

Current context: Injeti Srinivas, Secretary (Corporate Affairs) presented the Report of the High-Level Committee on Corporate Social Responsibility (CSR) to the Finance Minister on 13th August 2019.
Report of the High Level Committee on CSR presented to FM
  • The High-Level Committee on CSR was chaired by the Secretary (Corporate Affairs) Injeti Srinivas and was constituted in October 2018 to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem.
  • The main recommendations of the High-level committee include:
    • Provision for carrying forward of unspent balance for a period of 3 – 5 years.
    • Making CSR expenditure tax-deductible.
    • Balancing local area preferences with national priorities.
    • Registration of implementation agencies on MCA portal.
    • Introducing impact assessment studies for CSR obligation of 5 crores or more.
    • Aligning Schedule 7 of companies act with the SDGs by adopting an SDG plus framework.
    • Allowing CSR in social benefit bonds, promoting social impact companies, and third-party assessment of major CSR projects.
    • Developing a CSR exchange portal to connect beneficiaries, agencies and contributors.
    • Companies with CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee.

Question: 

Q.1 A High-Level Committee chaired by the Secretary (Corporate Affairs) Injeti Srinivas was in news in the context of?
a. Corporate Social Responsibility (CSR)
b. Securities and Exchange Board of India (SEBI)
c. laws of Insolvency and Bankruptcy Code
d. Core Investment Company (CIC)
Report of the High Level Committee on CSR presented to FM Report of the High Level Committee on CSR presented to FM Reviewed by Neha on August 14, 2019 Rating: 5

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