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The Institute of Chartered Accountants of India(ICAI) has announced the formation of advisory committee so that the corporate firms are able to identify social sector projects on which they can spend 2% of their net profit. The Public Advisory Committee has been established so that public interest can be protected, stated ICAI President G Ramaswamy.
This advisory committee would be advising the corporate firm to take up corporate social responsibility (CSR) projects. The Companies Bill 2009 has recommended that the corporate companies need to earmark 2% of the average profit for CSR activities.
India Inc is of the opinion that they should be allowed to monitor the implementation of CSR and government intervention is not needed. The Parliamentary Standing Committee on Finance, which scrutinised the Companies Bill, 2009 had floated this suggestion that companies should earmark certain portion of the profit for CSR activities.
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