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Corporate Social Responsibility

Corporate Social Responsibility
•It is the integration of socially beneficial programs and practices into a corporation’s business model and culture.
•India is one of the first countries in the world to make CSR mandatory for companies following an amendment to the Companies Act, 2013 (Companies Act) in 2014.
•Under the Companies Act, businesses can invest their profits in areas such as promoting rural development in terms of healthcare, sanitation, education including skill development, environmental sustainability, etc. 
[Companies are required to spend, in every financial year, at least 2% of their average net profits generated during the 3 immediately preceding financial years]
•Provision for penalty in the form of fine on the company and officers in default, between Rs 50,000 – Rs 25,00,000, has been inserted in case of failure in compliance with Section 135

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