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CSR

Financial Resources

In alignment with The Companies Act, 2013 the corporation shall earmark as Annual CSR Budget, at least 2% of the average of net profits of the company made during the three immediately preceding financial years, out of which 33% of the CSR funds will be spend towards achieving the national goal of „Swach Bharat and Ganga Rejuvenation‟, as per the OM. No. CSR.01/003/2016-Dir (CSR) dated 02/08/2016.

In case of losses by the Company, funds will not be earmarked for CSR activities. SCI will still pursue CSR and Sustainability policies by integrating them with their business plans, strategies and processes, which do not involve any financial expenditure. They may also collaborate with the profit making CPSEs and assist them in ingenious ways in CSR and Sustainability activities without financial support.

The unutilized budget for CSR & Sustainability activities planned for a year will not lapse and will be carried forward to the next year. Such unspent amount will have to be spent within the next two financial years, failing which, it would be transferred to a “CSR Fund” to be created separately for CSR and Sustainability activities. 

Any surplus arising out of the CSR & Sustainability projects/programs / activities will not form part of the business profit of the Company.

CSR expenditure shall include contribution to corpus of a Trust/ society/ Section 8 companies created exclusively for undertaking CSR projects or programs approved by BoD. 

Salaries paid by SCI to its regular CSR staff as well as to volunteers, in proportion to time/ hours spent specifically on CSR, can be factored into CSR project cost as part of the CSR expenditure.

Expenditure incurred on capacity building programmes such as training, workshops, seminars, conferences etc through reputed institutions and on corporate communication strategies for engagement of all stakeholders, whether internal or external, to implement the CSR agenda of SCI, would be accounted for as CSR expenditure but such expenditure shall not exceed 5% of total CSR expenditure in one financial year.

Expenditure incurred on base line survey, needs assessment study, monitoring & audit, social impact assessment studies etc would be accounted for as CSR expenditure from the budget allocated. The expenditure incurred by SCI in availing the services of any Third Party/Specialized Agency to support in implementation of the CSR & Sustainability activities would be treated as CSR expenditure.