Replying to supplementary questions in the Rajya Sabha, Mr. Thakur said that the government is not utilising the CSR funds to finance any Government scheme.He said funds given by private companies under Corporate Social Responsibility are primarily utilized by the implementing agencies for specific local and regional programmes. He also informed that in cases where contribution by private entities is more than 10 crore rupees, an impact assessment report has been mandated to assess the utilisation of the fund.
Mr. Thakur also said that under schedule 7 of the governing law, the decision regarding spending the fund has been given to the board of the company making the contributions.
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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).