Report

Ministry of Corporate Affairs notified Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 in January 2021. Through this, the government of India introduced significant changes in CSR reporting framework, CSR expenditure requirements and CSR disclosure while making it mandatory for big companies to add ‘Impact Assessment Report’ for their major projects. For example, it asks companies to display on their website the composition of their CSR committee along with CSR activities and projects. The corporate are also asked to deposit their unspent CSR budget to a specified account.  It also asks the CSR committee of a company to prepare and present an annual CSR action plan to their board for the approval. It offered a big relief in the form of an option for corporate to offset the excess CSR expenditure in the next three years.