Author: csr-voice

The Andhra Pradesh Government is targeting to raise at least Rs 1,000 crore through contributions from different sources in the ongoing financial year under a new initiative called ‘Connect-to-Andhra.’ The funds thus obtained will be utilised on the government’s flagship “Navaratnalu” programme

The Andhra Pradesh Government is targeting to raise at least Rs 1,000 crore through contributions from different sources in the ongoing financial year under a new initiative called ‘Connect-to-Andhra.’

The funds thus obtained will be utilised on the government’s flagship “Navaratnalu” programme (nine schemes), under which aid will be given to people through various schemes.

The Chief Minister is chairman of the apex advisory board of CTA, which will be implemented on a mission mode. In the 2018-19 financial year, various companies and organisations spent Rs 62.59 crore on various projects under Corporate Social Responsibility. The government received another Rs 13.3 crore for implementation of CSR schemes.

Besides CSR grants from business houses, the government is now targeting to secure “philanthropic funds” from “high net-worth individuals” like industrialists, public representatives and film stars and also “social impact investments” from organisations like Bill and Melinda Gates Foundation, Michael and Susan Dell Foundation and also non-governmental organisations.

“My government is committed in its efforts to bring upward mobility in the lives of the marginalised population. Our flagship schemes Navaratnalu cater to universal healthcare, access to education, housing, social security for the deserved,” Chief Minister YS JAGAN Mohan Reddy has said in a message on the launch of Connect-to-Andhra (CTA).

Donations will also be sought from non-resident Telugus (those living abroad) and other individuals for Connect-to-Andhra. This year, the government has already identified ‘contributors’ for the new Mission and is targeting to raise Rs 1,000 crore through them.

The CTA Mission has identified several projects related to improving infrastructure in schools, polytechnics, Industrial Training Institutes, setting up of primary processing and milk collection centres, improving urban green spaces and plantation along important roads and rail tracks, restoring open forests, agro-forestry, upgrading primary and community health centres and affordable housing for the poor.

The government is exploring the option of setting up a ‘Section 8 Company’, under the Companies Act, 2013, with the name ‘Connect-to-Andhra’ for resource mobilisation, according to the Concept Note.

A Section 8 Company is intended for the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any such other objective.

All projects hitherto taken up under Smart Andhra Pradesh Foundation, launched by the previous Telugu Desam Party government, along with the resources will be merged with the proposed company.

A Social Responsibility Wing, headed by an Indian Revenue Service officer, has been created in the state Planning Department as the nodal agency to mobilise funds for the government’s flagship welfare programmes.

A sum of over Rs 30,000 crore is required annually to implement the numerous welfare schemes like Rythu Bharosa (support to farmers), Amma Vodi (dole to mothers for sending their kids to school), Vahana Mitra (annual maintenance grant to auto and cab drivers), social security pensions, annual monetary grant for junior lawyers, fee reimbursement for students, housing for the poor, etc.

While some of these schemes are dovetailed with Central government programmes to lessen the financial burden, some are unique that requires full funding from the state coffers, official sources said. Alternatively, the government is also looking at the option of re-naming the Smart AP Foundation as ‘Connect-to-Andhra.’

Just contributing money is not what the government expects through the CSR framework and companies should ensure proactive rather than passive participation in social welfare spending activities, according to Corporate Affairs Secretary Injeti Srinivas. Speaking at the country’s first National CSR Awards

Just contributing money is not what the government expects through the CSR framework and companies should ensure proactive rather than passive participation in social welfare spending activities, according to Corporate Affairs Secretary Injeti Srinivas.

Speaking at the country’s first National CSR Awards function on Tuesday (October 29), the Corporate Affairs Secretary also made it clear that the government does not treat CSR as a resource to fill up any budgetary gap.

“It (government) treats CSR (corporate social responsibility) as a tool or instrument to find technology-driven innovative solutions to social problems. That is something very important,” he said.

Under the Companies Act, 2013, certain classes of profitable entities are required to spend at least two per cent of their three-year annual average net profit towards CSR activities in a financial year.

Since the provision came into force from April 1, 2014, the cumulative contribution has been more than Rs 50,000 crore.

“What we urge upon you (companies) is proactive participation and not passive participation. Just contributing money or giving some money (as CSR) is not what we expect.

“We expect you to look at problems, solve problems which can then be scaled up to the national level. That is something of the broader vision of CSR and you think that in the years to come, things like social impact companies, social impact bonds all these will also gain currency heavily,” Srinivas said.

The awards have been instituted by the Ministry of Corporate Affairs, which is implementing the Companies Act.

Corporate Affairs Minister Nirmala Sitharaman has exhorted India Inc to expand CSR reach to poor states like Jharkhand, Chattisgarh, Bihar and North East region. Appreciating that companies have spent about Rs 13,000 crore in 2018 under Corporate Social Responsibility (CSR), she said, this is very

Corporate Affairs Minister Nirmala Sitharaman has exhorted India Inc to expand CSR reach to poor states like Jharkhand, Chattisgarh, Bihar and North East region.

Appreciating that companies have spent about Rs 13,000 crore in 2018 under Corporate Social Responsibility (CSR), she said, this is very relevant for the development of the hinterland.

“We find a significant presence of CSR in states like Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh and Delhi… states like Chattisgarh, Odisha, Jharkhand and Bihar also require such support from CSR. Not to forget all the eight states of North East region,” the finance minister said on the occasion of First National CSR Awards here.

The recognition has been given to wealth creators not just for wealth creation but to give back to the community in the name of CSR, she said, adding that giving back to community from the justified profit is the spirit of the CSR, which has gained a lot of traction.

Korean tech giant LG has decided to sponsor 800 cornea eye transplant surgeries across India under its initiative ‘Karein Roshni’ in association with two eye hospitals. The initiative assumes significance as India is home to a third of the world’s blind population. The country has about 12 million

Korean tech giant LG has decided to sponsor 800 cornea eye transplant surgeries across India under its initiative ‘Karein Roshni’ in association with two eye hospitals.

The initiative assumes significance as India is home to a third of the world’s blind population. The country has about 12 million individuals with visual impairment as against the global total of 39 million.

Under the Karein Roshni, the company will invite people to come forward and pledge to donate their eyes for the noble cause, the company said in a statement.

The awareness about the initiative will be created through radio and digital media. The company also plans to have on-ground activations at LG stores inviting Indian citizens to pledge for donating their eyes for this cause.

The programme will be implemented along with Sankara Eye Hospital, a not-for-profit charitable eye hospital and Dr Shroff charity eye hospital.

According to Dr Shroff Charity Eye Hospital CEO Arun Arora, India has approximately 120,000 needlessly blind people due to corneal disease with 20,000 annually adding to the list.

Corneal transplantation surgery is the best available therapeutic option that can rehabilitate these patients suffering from corneal blindness, he said.

“With our patient numbers and corneal transplant surgeries growing by the day, any kind of support from brands like LG Electronics always help. We are thankful to LG Electronics for its generous support and sponsorship. The corneal transplant surgeries coupled with Eye Donation Awareness Drive will set the momentum for a larger change for this cause in our country,” Arora added.

Sankara Eye Foundation Founder and Managing Trustee Dr R V Ramani said, “Non-availability, non-affordability and inaccessibility to quality eye care, especially in rural India, has been the challenging scenario for the economically weaker sections. We are thankful to multinationals like LG Electronics for their continuous support in making it possible for such people to follow their dreams.”

LG Electronics India Managing Director Ki Wan Kim said: “We received an overwhelming response for Karein Roshni campaign last time, and hope to receive the same this year.”

He said that the company uses both its innovation and a widespread network to create positive change in society.

“We are happy to announce Karein Roshni campaign that will help improve quality of life of people with no vision, allowing them to become more aware of the world around them and empower them with more choice, freedom and greater possibilities,” he added.

The current year is a milestone for LG Electronics as the company celebrates its 22nd anniversary in India.

State Bank of India (SBI) has launched a unique ‘Green Reward Points’ programme to onboard its YONO customers in the sustainability journey. Under this programme, SBI inspires customers to pledge earned ‘Green Reward Points’ to a pool created as ‘YONO SBI Green Fund’ which is managed by SBI Foundation

State Bank of India (SBI) has launched a unique ‘Green Reward Points’ programme to onboard its YONO customers in the sustainability journey.

Under this programme, SBI inspires customers to pledge earned ‘Green Reward Points’ to a pool created as ‘YONO SBI Green Fund’ which is managed by SBI Foundation, the bank said in a statement.

The bank through ‘YONO SBI Green Fund’ will initiate environment conservation activities through various programs.

The Fund will be used for planting of trees, constructing of bio-toilets, initiating “Conserve Water Campaign” along with setting up RO Plants in cities facing drinking water crisis, creating awareness about avoidance of single-use plastic among customers and encourage usage of solar energy across the country, it added.

SBI customer will now earn ‘Green Reward points’ through transactions on YONO and they would be given an option to pledge these points to ‘YONO SBI Green Fund’.

Customers earning Rewardz points through non-YONO transaction channels like mobile NS internet banking will be given an option to convert it into ‘Green Reward points’ which on conversion can be pledged to the fund.

All the customers pledging their points to the fund will be awarded a ‘Green e-Certificate’ as a token of appreciation towards their support for this initiative.

SBI, on the other hand, has also committed to converting lapsed ‘Green Reward Points’ of customers by informing them for environment conservation through YONO SBI Green Fund. SBI customers can earn up to 200 Green Reward points on each eligible service provided by the bank.

Speaking about the initiative, SBI Chairman Rajnish Kumar said: “With a pledge to conserve the environment, we invite all our customers to partner with us in promoting sustainability.”

To make this a wide-scale programme, SBI will proactively communicate with its customers through various channels of communication to come forward and pledge Green Reward points for the initiative, the bank added.

Tata Trusts has challenged the move of the income tax department of reopening of its assessment on the ground that it has already surrendered registration provisions under the I-T Act. It has pleaded that levy of additional income tax when a charitable trust converts into or merges with a non-charitable

Tata Trusts has challenged the move of the income tax department of reopening of its assessment on the ground that it has already surrendered registration provisions under the I-T Act. It has pleaded that levy of additional income tax when a charitable trust converts into or merges with a non-charitable trust or transfers its assets on dissolution to a non-charitable institution cannot be applied to them.

Earlier in July, the I-T department had served notices on a set of Tata Trusts seeking to reopen assessment and questioning their decision to ‘surrender’ registrations in 2015.

According to Section 115 (TD) of the Income Tax Act, a trust whose registration is cancelled is required to pay tax on its accumulated or ‘accreted’ income. The dispute dates back to 2013 when the Comptroller & Auditor General pointed out that Jamsetji Tata Trust and Navajbai Ratan Tata Trust had invested Rs 3,139 crore in “prohibited modes of investment.”

The CAG noted that the I-T department had given “irregular tax exemptions” to these trusts, resulting in Rs 1,066 crore escaping the tax net. In March 2015, the Tata Trusts surrendered their registrations (under 12AA of the I-T Act) while admitting that some of their assets were not in compliance with the provisions of Section 13(1)(d) of the Act.

However, following the CAG’s observations and subsequent remarks by a sub-panel of the Public Accounts Committee (PAC) in 2018, the matter was transferred to the I-T department’s assessment wing that has now sought an explanation from the trusts.

The trusts, according to the PAC report, were investing in prohibited modes of investment despite the law strictly forbidding public charitable trusts from holding such assets after 1973. Tata Trusts currently seem to be in a state of flux with the exit of CEO R Venkatraman, who signed letters seeking cancellation of tax benefits on behalf of the trustees. His successor is yet to be appointed after his exit in February 2019.

“However there are certain queries for which the department will reach out to the assessee before passing the final order which is expected to be by December,” an IT official has said, referring to the deadline for the decision regarding the case. The income tax department is of the view that after invoking the provisions of 115 (TD) after considering the fair market value of the trusts’ total assets and net liabilities, the tax will amount to at least Rs 1,800 crore, going by conservative estimates.
Source: ET