The finance minister today announced that CSR (Corporate Social Responsibility) violation will be treated as a civil liability and not as a criminal offence. She said the Ministry of Corporate Affairs will review the sections under the Companies Act.
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 Corporate Social Responsibility (CSR) in a particular financial year.
This restriction had so far been placed only ahead of the Budget when the entire Ministry is quarantined to maintain secrecy. In the past, the restrictions were lifted on the very first working day after the presentation of the Budget.
The Ministry of Finance Wednesday issued a gazette notification regarding the new Rs 20 coin which will be shaped like a "dodecagon" - a 12-edged polygon. This means that the new coin will not be circular in shape like the other coins in circulation.
The rupee closed at an all-time low of 68.79 on Thursday due to multiple headwinds, including concerns over inflation and weak global cues. The currency recovered lost ground on Friday to touch 68.36 in afternoon trade.