Inputs on Solutions: Deployment of CSR Funds
Below are the key issues as outlined by you with respect to effective deployment of CSR (Corporate Social Responsibility funds). Based on these issues, please help identify specific solutions that must be implemented by Government to drive effective deployment of these funds.
If done effectively, these funds can help address some key challenges like Women Safety, Emergency Assistance, Cleaner Cities, Reducing Corruption etc.
We look forward to your inputs!
Effective Deployment of CSR Funds: Key Issues
1. Many companies show the CSR funds as utilized but actually misuse them
2. In many cases, CSR funds are transferred to the District authority that transfers the funds to Circle Officers. This gives room for corruption
3. Pleasing political parties/leaders using CSR fund is common
4. There is lack of transparency in fund allocation by each corporate entity and details of its utilization
5. Social audit of all items of expenditure done by the company are not done effectively
6. Some corporate authorities distribute crores of rupees to Government Officers through liaising to avoid exposure to misuse of CSR funds
7. No rating of NGOs by Government for CSR investment
8. Penalties for noncompliance of CSR not specific
9. Lack of separate department of CSR within the company for proper CSR implementation and monitoring
10. Company laws on CSR are not very specific
11. Most corporates have little understanding of rules around CSR funds deployment
12. This is one of rare occasions in company act, where the penalty for non-compliance of the regulation is not stipulated
13. Government does not announce regular schemes in which the CSR funds could be utilized
14. Many organizations use the CSR funds for their own marketing expense
15. Often companies have a problem in identifying a genuine NGO to allot CSR funds
16. There are many fraudulent NGOs which misuse CSR funds
17. Many companies hide their profit information to skip corporate taxes. This results in lower amount allocation in CSR funds
18. Some CSR Auditors make money by advising corporates on how to misuse CSR fund. more
If done effectively, these funds can help address some key challenges like Women Safety, Emergency Assistance, Cleaner Cities, Reducing Corruption etc.
We look forward to your inputs!
Effective Deployment of CSR Funds: Key Issues
1. Many companies show the CSR funds as utilized but actually misuse them
2. In many cases, CSR funds are transferred to the District authority that transfers the funds to Circle Officers. This gives room for corruption
3. Pleasing political parties/leaders using CSR fund is common
4. There is lack of transparency in fund allocation by each corporate entity and details of its utilization
5. Social audit of all items of expenditure done by the company are not done effectively
6. Some corporate authorities distribute crores of rupees to Government Officers through liaising to avoid exposure to misuse of CSR funds
7. No rating of NGOs by Government for CSR investment
8. Penalties for noncompliance of CSR not specific
9. Lack of separate department of CSR within the company for proper CSR implementation and monitoring
10. Company laws on CSR are not very specific
11. Most corporates have little understanding of rules around CSR funds deployment
12. This is one of rare occasions in company act, where the penalty for non-compliance of the regulation is not stipulated
13. Government does not announce regular schemes in which the CSR funds could be utilized
14. Many organizations use the CSR funds for their own marketing expense
15. Often companies have a problem in identifying a genuine NGO to allot CSR funds
16. There are many fraudulent NGOs which misuse CSR funds
17. Many companies hide their profit information to skip corporate taxes. This results in lower amount allocation in CSR funds
18. Some CSR Auditors make money by advising corporates on how to misuse CSR fund. more
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Aug 30
First, eradicate corruptions prevailing in the system responsible to monitor this fund and then bring in strict laws covering CSR funds with provisions for heavy financial penalty, which may run upto, say, 100 or 200 times of the funds due, on the defaulting companies. The systems of monitoring and utilisation of these funds should also be strengthened and appropriate system should be introduced to guard against any kind of misutilisation of the funds. more
Nov 16
MODIJI,HAPPY DIWALI,I'M TOO SMALL TO SAY BUT MODIJI SHOULD LIVE SIMPLE LIFE AND HE SHOULD LOOK TOWARDS INDIANS NOT TOWARDS AFRICANS,MANGOLI ETC. FARMERS,SOLDIERS ,WORKERS AND COMMON MAN OF INDIA R WANTING FROM U MORE THAN UPA 1 AND 2 DID WITH THEM .WHY R U DELAYING WITH THEIR DEMANDS ?ONE RANK PENSION,HELP TO FARMERS GTS AND SO MANY PROJECTS R ON THE PAPERS ONLY THEY R STILL NOT ACTIVATED ,TAKE SEVER STEPS ,PLEASE OTHER WISE WHAT HAPPENED IN BIHAR WILL REPEATEDLY HAPPENED ,AND PLEASE STAY AWAY ALL BJP MEMBERS FROM CRIMINALS LIFE PAWAR,BARAMATI,NCP ETC OR CONGRESS WILL BE IN POWER WITHIN NEXT 5 YEARS AND THAT WE DON'T WANT AT ALL SO BE QUICK more
Nov 09
ONE PERTINENT SUGGESTION PLEASE . CSR Funds may kindly be based on Turnover above 500 Crores if I am correct adding the clause of rupees 25 Crores profit which ever is achieved . more
Nov 07
Swatch Bharat cess imposed by govt. should not meet the same fate as Labour cess where some 50000 crores collect and hardly 1% spent. There should be independent authority where representation of civil society should have representation. There should be simultaneous spending on aim. If not, the amount should be deposited with supereme court who should decide how to move wisely. more
Nov 07
