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75 Percent Of CSR Amount Spent By Corporates In 2014-15: FM

By Religare
|

The Indian Government has said that Corporate Social Responsibility activities have turned out to be a successful experiment as over 75 per cent amount has been spent in 2014-15.

75 Percent Of CSR Amount Spent By Corporates In 2014-15: FM
Commenting on the issue, Finance Minister Arun Jaitley told the media, "CSR amounts cannot be spent for any political activity and if any amount is spent in that manner, it cannot be a legitimate CSR activity."
 

"It is a successful experiment which has started because in the first year over 75 per cent of the amount under CSR has been spent," he added.

The Minister further added that during 2014-15, the first year for CSR, the 2 per cent profits of 460 companies came to around Rs 8,347.47 crore, of which 75.92 per cent had been spent for CSR activity during the year.

As per reports, companies which do not wish to spend their CSR amount can make their contributions to the Prime Minister's Relief Fund that in turn can be used for natural calamities.

Read more about: arun jaitley csr
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