TOP 500 FIRMS TO IMPLEMENT CSR-BASED INTERN QUOTA SYSTEM
Why in the news?
- Government to negotiate with the top 500 companies to establish a voluntary quota system for internships.
- Quota to be determined based on each company’s Corporate Social Responsibility (CSR) expenditure.
source:slideshare
About Corporate Social Responsibility (CSR) in India:
- Defined as corporate responsibility for environmental and social impacts.
- Improves societal aspects and boosts brand image.
- Mandatory for:
- Companies with a net worth of ₹500 crores or more.
- Companies with a turnover of ₹1,000 crores or more.
- Companies with a net profit of ₹5 crores or more.
- Governed by Clause 135 of the Companies Act, 2013.
- Requires a CSR committee to oversee policy and spending.
- Mandates 2% of average net profit spent on CSR.
- Activities include poverty eradication, education, gender equality, disease combat, environmental sustainability, and contributions to national relief funds.
Key Highlights of Indian Companies Act 2013:
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