This initiative aims to create opportunities for one crore youth in the top 500 companies over the next five years. As part of the scheme, interns will receive a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000.
What is CSR?
CSR in India is governed by Section 135 of the Companies Act, 2013, along with Schedule VII of the Act and the Companies (CSR Policy) Rules, 2014. These regulations define the criteria for CSR eligibility and set out requirements for implementing and reporting CSR activities. India's CSR framework is one of the most comprehensive globally, designed to establish benchmarks in sustainability and promote stakeholder activism in nation-building.
Which Companies Qualify for CSR?
A company must comply with CSR provisions under Section 135(1) of the Companies Act, 2013, and the Companies (CSR Policy) Rules, 2014, if it meets any of the following criteria in the immediately preceding financial year:
- Net worth of Rs 500 crore or more,
- Turnover of Rs 1,000 crore or more, or
- Net profit of Rs 5 crore or more
Mandatory CSR Expenditure
Companies required to comply with CSR provisions must spend 2% of their average net profits from the previous three years on CSR activities, as stipulated by the CSR policy.
Which funds Are Specified In Schedule VII Of the Act For CSR Contributions
- Swachh Bharat Kosh
- Clean Ganga Fund
- Prime Minister's National Relief Fund (PMNRF)
- Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)
- Any other fund established by the Central Government and notified by the Ministry of Corporate Affairs for socio-economic development and the welfare of Scheduled Castes, Scheduled Tribes, other backward classes, minorities, and women.