【Top 10 International CSR Events】No.8 India specifies the penalty of non-performance of duty
2020-01-21GoldenBeeGoldenBee0
Since 2006, we have been selecting and publishing the annual list of top 10 CSR events for 14 years. China Sustainability Tribune presents you the Top 10 International CSR Events in 2019.
NO.8 India specifies the penalty of non-performance of duty
On July 31, the government of India passed the Companies (Amendment) Act,2019, which amended some provisions of the Companies Act, 2013. Among them, in terms of corporate social responsibility, the amendment specifies the penalty for failing to fulfill the obligations of corporate social responsibility: If the CSR funds are committed to certain ongoing projects, the company must transfer the amount to an unspent account with a scheduled bank within 30 days from the end of the financial year. In case of any violation of the CSR provisions, the company is liable to a minimum penalty fee of INR 50,000 (US$700), which may extend to INR 25 lakh (US$35,034). Further, every defaulting officer of the company may be liable to imprisonment for up to three years, or a fine up to INR 5 lakh (US $7,023), or both.
Reason for listing:
As a pioneer of corporate social responsibility legislation in developing countries, in 2013, Indian Company Act mandates companies to spend their profit on CSR activities. Since the implementation of this provision in 2014, it has shown a positive impact, but there are also flaws. The amended Act puts forward with more stringent requirements, which manifest that the legalization of global corporate social responsibility has been strengthened.
For more information, please click here:
https://www.india-briefing.com/news/companies-amendment-act-2019-india-mandatory-csr-new-provisions-19082.html/
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