MCA amend CSR Policy Rules
MCA has amended the Companies (CSR Policy) Rules and as per the new amended rules, a company having any amount in its Unspent Corporate Social Responsibility Account as per sub-section (6) of section 135 shall constitute a CSR Committee and comply with the provisions contained in sub-sections (2) to (6) of the said section. Earlier this provision was applicable to companies having CSR fund above Rs. 50 Lakhs. Further criteria for registration as CSR Implementation agency has also been expanded. Limits for expenditure on Impact assessment has also been revised and now it is 2% of expenditure or 50 lakhs whichever is higher.
Further the format for the Annual Report on CSR activities to be included in the board’s report for financial year commencing on or after the 1st day of April, 2020 has also been revised.
