Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022
Contents News/Article Date: 20th September 2022
Relating to which Act: The Companies Act, 2013 has formulated Section 135, Companies (Corporate Social Responsibility) Rules, 2014, and Schedule VII which prescribes mandatory provisions for Companies to fulfill their CSR
Type: The Gazette of India, issued by the Joint Secretary GSR No. 715 E
Pertains to Applicability of CSR Provisions: On every Company including its holding or subsidiary having: Net worth of Rs. 500 Crore or more, or Turnover of Rs. 1000 crore or more, or Net Profit of Rs. 5 crores or more during the immediately preceding financial year
Relevance of this news: Karma Management Global Consulting Solutions Pvt. Ltd has been in the business of Payroll, Outsourcing, and Regulatory Compliances from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing On-boarding Management, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Corporate Social Responsibility (CSR) can be defined as a Company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies can fulfill this responsibility through waste and pollution reduction processes, by contributing to educational and social programs, being environmentally friendly, and undertaking activities of similar nature. Corporate Social Responsibility (CSR) is not charity or mere donations. CSR is a way of conducting business, by which corporate entities visibly contribute to the social good. Socially responsible companies do not limit themselves to using resources to engage in activities that increase only their profits. They use CSR to integrate economic, environmental, and social objectives with the company’s operations and growth. CSR is said to increase the reputation of a company’s brand among its customers and society.
Also, Karma Global does a lot of work with established NGOs in urban and rural areas. In fact, the entire team of Karma had once gone to a remote village with the help of a rural NGO and had carried out a lot of cleaning and painting work in shelter homes. In fact, in 2015-16 it received the SME Award for its outstanding contribution.
Subject (1) These rules may be called the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.
For greater details, attached is the notification
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022.