Monetary valuation on 2014 CSR spends by 2015-end: Official

Kolkata, Sep 19 (IANS) The centre will collate by the end of this year the total amount spent by companies on implementing their corporate social responsibility (CSR) projects during 2014-15, an official said here on Saturday.

A comprehensive list will also be prepared of companies which have participated in the mandatory scheme drafted by the centre.

“We have to wait and see till the end of December for a comprehensive list of CSR companies as well as the total amount that has been spent during 2014-15 which is the first year of CSR implementation,” economic advisor to the ministry of corporate affairs, Sibani Swain, told mediapersons here on the sidelines of an event organised by the Indian Chamber of Commerce.

She referred to a media report based on a survey by a market research firm which estimated Rs.4,000 crore as the spend by the country’s top 75 companies.

“What is coming in the media is Rs.4,000 crore will be coming from CSR – I have read it in a media report. But if one reads it correctly, it is a KPMG study actually which brings only the top 75 companies which are listed in the stock exchange,” she said.

Indicating that the total spend on CSR will be much higher, she added: “This top 75 companies’ CSR fund spends amount to Rs. 4,000 crore and not all the CSR-eligible companies.”

The centre has made it mandatory for companies with a net worth of more than Rs.500 crore or revenue of over Rs.1,000 crore or a net profit exceeding Rs.5 crore to spend at least two percent of their average net profit (last three years) for social development projects.

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