MCA notifies the Companies (Corporate Social Responsibility (CSR) Policy) Amendment Rules, 2021. MCA has amended the CSR Rules to ensure better transparency and accountability of the concerned companies.
Amended CSR Rules, inter alia, provides for undertaking inhouse R&D Activity for COVID vaccine, mandatory registration of CSR projects from 01/04/2021, engaging International Organizations & collaborating with other companies for CSR projects, CFO to certify utilisation of funds, formulation of annual CSR plan and display of the same along with execution thereof on the company website, set off of excess CSR expenditure in the three succeeding years, acquisition of capital assets from CSR funds, transfer of unspent CSR funds to the Govt. designated funds, annual report on CSR including impact assessment, etc.
It may be noted that the amended CSR Rules provides companies with the flexibility to adjust/ setoff excess CSR spending of a financial year against the spending obligation of the three subsequent financial years. This amendment has been made with prospective effect, i.e. no carry forward shall be allowed in respect of any excess amount spent in financial year(s) prior to FY 2020-21.
MCA Notification dt. 22/01/2021 : Companies CSR Policy Amendment Rules 2021
Updated FAQs on CSR released by MCA (25/08/2021)
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