The Ministry of Corporate Affairs (MCA) recently notified Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (Amendment Rules) to amend Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules 2014). The Amendment Rules impose several new obligations on companies, which could result in hardship for companies.
In this regard, we have submitted a detailed representation to MCA on March 9, 2021 highlighting key issues faced by the Industry along with suggestions to address the same. Our suggestions to MCA include doing away with the requirement of certification by Chief Financial Officer or the person responsible for financial management, suggesting applicability of certain rules with prospective effect, allowing companies to carry forward excess CSR spending to next FY, amongst others.
The detailed suggestions are attached for your reference.
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