OREANDA-NEWS. The primary objective of the provisions of Corporate Social Responsibility (CSR) under the Companies Act 2013 is to involve the corporate sector in the inclusive growth process by bridging the gaps in social development indicators.

The CSR provisions of the Act, and the rules made thereunder, have come into force from 01.04.2014. This is the first year of implementation of corporate social Responsibility (CSR) by companies under the Act. Details of funds spent under CSR would be available only after the mandatory disclosures of CSR expenditure are made by companies, which would be due after September, 2015.

The Act does not envisage signing of MoUs with companies with regard to CSR. Ministry of Corporate Affairs, has however, issued clarifications from time to time to facilitate effective implementation of CSR by companies.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in a written reply to a question in the Rajya Sabha today.