MCA Issues Clarifications On CSR: ELP

ELP Update

Ministry of Corporate Affairs has issued a comprehensive set of seventy two FAQs in supersession of its earlier FAQs and has also issued certain clarifications.

The FAQs answer some important concerns including issues arising out of the amendments carried out on January 22, 2021.

These include whether companies can undertake any corporate social responsibility activity for the exclusive benefit of their employees, workers and their family members.

The FAQs would provide much needed clarity to the stakeholders for their CSR activities and are divided in chapters dealing with

• Applicability of CSR

• CSR Framework

• CSR Expenditure

• CSR Activities

• CSR Implementation

• Ongoing Project

• Treatment of Unspent CSR Amount

• CSR Enforcement

• Impact Assessment

• CSR Reporting & Disclosure

In another move to boost businesses in International Financial Services Centre (IFSC), the International Financial Services Centre Authority (IFSCA) has permitted branches of Indian banks and branches of other Indian financial institutions operating in IFSC to offer financial products linked to Indian Rupees, subject to the directions issued by IFSCA.

This ELP update summarises both these developments.

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