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Govt expands the scope of 2 per cent CSR spending

The 2 per cent of CSR can be spent on incubators funded by the Centre and state government, and to public-funded education.

Shivani Phaugat ,
ETCFO

Published On Sep 20, 2019 at 01:45 PM IST

Copy: The Government on Friday announced an expansion in the scope of corporate social responsibility (CSR) spending on incubators by Central and state government, and public-funded universities.

Finance Minister Nirmala Sitharaman in a press conference noted: Now CSR 2% fund can be spent on incubators funded by Central or State Government or any agency or Public Sector Undertaking of Central or State Government, and making contributions to public funded Universities, IITs, National Laboratories and Autonomous Bodies (established under the auspices of ICAR, ICMR, CSIR, DAE, DRDO, DST, Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine aimed at promoting SDGs.

Earlier this month the government has formed a panel to recategorise 13 offences under the Companies At as civil offences and also review other provisions of the Companies Act and the Limited Liability Partnerships Act 2008. It provides such measures to provide ease of doing business to corporations.