Naveen seeks CSR contribution to CMRF

Odisha Chief Minister Naveen Patnaik on Thursday requested Prime Minister Narendra Modi for the contribution of Corporate Social Responsibility (CSR) funds to the Chief Minister's Relief Fund (CMRF) by amending the Companies Act 2013.

"The Odisha CMRF, like that of other states, uses its fund for various pro-poor activities," Patnaik wrote in a letter to Modi.

He said the Odisha CMRF has shown its generosity by providing relief to victims of natural disasters in other states and countries including Jammu and Kashmir and Nepal.

"Looking into the gamut of its activities, it is felt that there is a need to augment the funds for CMRF. A number of eligible poor are still left unattended..."

Section-135 of the Companies Act, 2013, and CSR Policy Rules, 2014, mandate that from April 1, 2014, every company, private limited or public limited, which, either has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net profit of Rs 5 crore, has to spend at least 2 per cent of its average net profit on CSR activities.

--IANS

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