Don't want to invoke inspector raj for CSR: Sachin Pilot
- LIVE: ISI supports LeT, JeM and Hizbul, David Headley tells court
- J&K govt formation: Ram Madhav to hold talks with Mehbooba Mufti to break impasse
- Soldier, who survived Siachen avalanche, being flown to Delhi hospital
- DDCA row: Delhi HC dismisses Kirti Azad's plea seeking court-monitored probe
- Net bad assets of govt banks a third of their net worth
CSR activities need to be project-based and time bound but the government does not want to invoke "inspector raj" for monitoring them, Corporate Affairs Minister Sachin Pilot said today.
The Minister expressed the hope that the new Companies Bill would be passed in the ongoing Parliament session. Under the amended legislation, companies are required to spend at least 2 per cent of their average profit for Corporate Social Responsibility activities.
"CSR activities need to be project-based and time bound ... The government does not want to invoke inspector raj," Pilot said at a function organised by industry body Ficci.
He said the government is not going to mandate companies on what needs to be done in terms of CSR activities.
CSR spending would become compulsory for companies that meet certain criteria, under the amended Companies Bill. Among others, firms having Rs 5 crore or more profits in the last three years have to spend on CSR activities.
In case, the companies are not able to do the same, they have to disclose reasons in their books. Otherwise, they would face action, including penalty.