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schedule vii of companies act 2013 – Corporate Social responsibility Policy

Schedule vii of Companies Act 2013 – Corporate Social responsibility Policy

schedule vii of companies act 2013: In exercise of the powers conferred by sub-section (l) of section 467 of the Companies Act, 20l3 (18 of 2013), the Central Government hereby makes the following amendments to Schedule Vll of the said Act, namely :

schedule vii of companies act 2013

schedule vii of companies act 2013

(l) In Schedule VIl, for items (i) to (x) and the enters relating thereto, the following items and entries shall be substituted, namely :

  • ‘ID eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water: promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently baled and livelihood enhancement projects; promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups; ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, forestry, conservation of natural resources and maintaining quality of soil, air and water; protection of national heritage, alt and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional ans and handicrafts:
  •  measures for the benefit of armed forces veterans, war widows and their dependent and training to promote rural sports, nationally recognised sports, Paralympic sports and Olympic sports and contribution to the P me Minister’s National Relief Fund or any other fund s€t up by the Central Government for socio-economic development and relief and welfare of the Scheduled Caste$, the Scheduled Tribes, other backward classes, minorities and women.
  •  contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government  and rural development projects.”

Recommended Read : Schedule III Of Companies Act 2013 Downloads 

Schedule vii of Companies Act 2013 – Corporate Social responsibility Policy

Schedule VII(See sections 2013)Activities which may be included by companies in their Corporate Social Responsibility Policies Activities relating to:
(i) eradicating extreme hunger and poverty;

(ii) promotion of education;

(iii) promoting gender equality and empowering women;

(iv) reducing child mortlity and improving maternal health;

(v) combating human immunodeficiency virus, acquired immune deficiency

syndrome, malaria and other diseases;

(vi) ensuring environmental sustainability;

(vii) employment enhancing vocational skills;

(viii) social business projects;

(ix) contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments forsocio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women

(x) such other matters as may be prescribed

Recommended Read :  Section 135 of Companies Act 2013 CSR Downloads 

Companies (Corporate Social responsibility Policy) Rules, 2014

The MCA has also notified the Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘the Rules’) to be effective from 1 April 2014. The Rules have just released and as these are evaluated in detail, further areas requiring clarity may emerge. The salient features of the Rules are as follows:

  • Net profit to exclude dividends from other Indian companies and profits generated outside India
  • A private company or an unlisted public company exempted from the requirement of having independent directors for CSR committee.
  • Group CSR projects or joint CSR projects permitted
  • CSR expenditure to be in line with the amended Schedule VII of the Companies Act 2013
  • CSR expenditure on projects or activities in India only
  • Capacity building costs of own personnel or those of implementation agencies to qualify as CSR expenditure; capped at 5% of total CSR expenditure
  • CSR expenditure to exclude those incurred in the normal course of business
  • Indian branches and project offices of foreign companies covered under CSR provisions

Schedule vii of Companies Act 2013 – Corporate Social responsibility Policy

schedule vii of companies act 2013: Schedule VII of the2013  Act the comparison of the Schedule VII, as enacted, and the Schedule VII, as amended, is as shown in the table below. Essentially, some of the activities permitted as per the earlier schedule have been elaborated and widened in scope, a few activities have been added and some have been deleted.

 Sr . No

                         Schedule VII as enacted

                        Schedule VII as amended

1.Eradicating extreme hunger and povertyEradicating hunger and poverty and malnutrition, promoting preventive healthcare and sanitation and making available safe drinking water.
2.

 

Promotion of educationPromoting education; including special education and employment enhancing vocation skills especially among children, woman, elderly and the differently abled and livelihood enhancement projects.
3.Promoting gender equality and empowering womenPromoting gender equality, empowering women; setting up homes and hostels for women and orphans, setting up old age homes, day care centres, and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.
4.Reducing child mortality and improving maternal healthDeleted
5.Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseasesDeleted
6.Ensuring environmental sustainabilityEnsuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining of quality of soil, air and water
7.Employment enhancing vocational skillsIntegrated with Sr. No. 2 above
8.Social business projectsDeleted
9.Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socioeconomic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and womenContribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women
10.Such other matters as may be prescribed

 

Schedule II Of Companies Act 2013 : Downloads 

Following new activities are added in the amended Schedule VII:

• Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up of public libraries; promotion and development of traditional arts and handicrafts.

• Measures for the benefit of armed forces veterans, war widows and their dependents.

• Training to promote rural sports, nationally recognised sports, and Paralympics sports and Olympic sports.

• Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.

• Rural development projects.

 schedule vii of companies act 2013

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