7th August 2022

Confidant Classes

Competitors' very first choice

Home | Edu NEWS | Changes in Corporate Social Responsibility (CSR) obligations

Changes in Corporate Social Responsibility (CSR) obligations

In a bid to boost India’s efforts to find effective drugs and vaccines against Covid-19, the government is temporarily allowing investment in such efforts to be viewed as meeting corporate social responsibility (CSR) obligations  from a company business.

What are the changes?

  • This includes pharmaceutical, vaccine and medical device companies, which are expected to research and develop new drugs, vaccines and medical devices as part of their regular business operations.
  • In the new amendments to the 2014 corporate regulations (corporate social responsibility), the Ministry of Corporate Affairs incorporated a provision that would allow companies to claim CSR benefits for these activities until the 2022-2023 fiscal year.

What are the amended provisions?

  • The amendments temporarily remove a provision that would have excluded “activities carried out in the course of its (company’s) normal activities” from being considered as CSR activities.
  • For now, companies engaged in “research and development of new vaccines, drugs and medical devices in the normal course of their activities” will be able to benefit from CSR benefits for their R&D work related to these product activities.
  • Covid-19, provided that the work is “in collaboration with” one of the institutes or organizations mentioned in paragraph (ix) of Annex VII of the Companies Act 2013.
  • In the normal course, these institutes and organizations, “or any other” central or state funds for socio-economic development and humanitarian aid, as well as funds for the welfare of registered castes, registered tribes, other backward classes, minorities and women.
  • However, the ministry has also changed this schedule to replace it with incubators or research and development projects in science, technology, engineering and medicine that are funded by central government or the state, a public sector company or any other body government.
  • Now it also includes publicly funded universities, Indian Institute of Technology (IIT), national laboratories and autonomous bodies established under the aegis of the Department of Atomic Energy (DAE), Department of Biotechnology (DBT), Department of Science and Technology (DST), Department of Pharmaceuticals, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH), Ministry of Electronics and Information Technology and others bodies such as the Defense Research and Development Organization (DRDO), the Indian Council for Agricultural Research (ICAR), the Indian Council for Medical Research (ICMR) and the Council for Scientific and Industrial Research (CSIR) ). “Details of this activity will be disclosed separately in the annual CSR report included in the board report,” the latest changes said.
AP LAWCET 2022 Results Declared

AP LAWCET 2022 Results Declared

Confidant-Classes-Judiciary AP LAWCET 2022 Results: Candidates who sat for the AP Common Entrance Test (AP LAWCET 2022) will now be…
Read More
Law graduates not practising since more than 5 years, must retake AIBE: BCI tells the Supreme Court

Law graduates not practising since more than 5 years, must retake AIBE: BCI tells the Supreme Court

The BCI has ruled that if a lawyer accepts a job not related to legal or judicial matters, then that…
Read More
Careers after Law

Careers after Law

Law has become the most common option in India at the moment. It has evolved and grown tremendously over time….
Read More
DU LLB Entrance Exam 2022 decoded

DU LLB Entrance Exam 2022 decoded

The University of Delhi will conduct the entrance exam of DU LLB 2O22 tentatively in next month. The university had…
Read More
UG-CLAT 2023 Exam Pattern

UG-CLAT 2023 Exam Pattern

The UG-CLAT 2023 would focus on the assessment of the candidates’ comprehension and reasoning abilities and skills. In general, it…
Read More
70-Year-Old Fortunate to Complete LLM | University of Delhi Centenary Chance Initiative

70-Year-Old Fortunate to Complete LLM | University of Delhi Centenary Chance Initiative

Under the University of Delhi’s Centenary Chance initiative, a 70-year-old man is given the chance to complete his LLM after…
Read More
LAW Education after 12th | Law entrance examinations

LAW Education after 12th | Law entrance examinations

For law Education, you can take admission in courses like LLB, BA LLB, BSc LLB, BBA LLB, LLM. For this…
Read More
Key takeaways of CBSE 10th result 2022

Key takeaways of CBSE 10th result 2022

To check term 2 results of class 10, students can visit the official website — cbse.nic.in, cbseresults.nic.in, cbseresults.gov.in or cbse.gov.in…
Read More
CBSE 12th Results 2022 Key Takeaways

CBSE 12th Results 2022 Key Takeaways

The Central Board for Secondary Education (CBSE) has released the Class 12 result. Students can check their results on the…
Read More
CTET 2022 will be held in December

CTET 2022 will be held in December

CTET 2022: According to the official notification, the detailed newsletter containing the details of the exam, the syllabus will soon…
Read More

About Post Author

error

Enjoy this? Please spread the word :)