Oil industry PSUs expenditure on CSR
Oil industry PSUs – On the various websites of the Public Sector Oil Companies, data of CSR activities conducted and cash spent during the last three years are provided by state/project/activity.
In a written reply to a question in the Rajya Sabha on Monday, Minister of State for Petroleum and Natural Gas Rameswar Teli said that Public Sector Oil Companies have been earmarking 2% of their average Net Profits made during the three immediately preceding financial years as per Section 135 of the Companies Act, and CSR activities are carried out under the headings identified in Schedule VII of the Companies Act 2013.
During the last three years, public sector oil companies have spent Rs.5582.34 crore on CSR in various parts of the country (2018-19 to 2020-21). On the various websites of the Public Sector Oil Companies, data of CSR activities conducted and cash spent during the last three years are provided by state/project/activity.
Internally or through external agencies, public sector oil companies have begun conducting impact assessments of some of their significant CSR programmes. However, as a result of amendments to CSR guidelines established by the Ministry of Corporate Affairs in January 2021, impact assessments of CSR initiatives with outlays of one crore rupees or more will be conducted by an independent agency. The impact assessment reports must be included in the yearly CSR report.
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