November 4, 2014 10:15 PM

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Companies to pump in Rs 14,000 crore for CSR in 2014-15: Arun Jaitley

Finance Minister Arun Jaitley has said that companies are expected to pump in as much as 14,000 crore rupees for Corporate Social Responsibility activities in 2014-15. Addressing India Social Entrepreneur award ceremony in New Delhi today, Mr Jaitley said that the amount will increase in the subsequent years. He said the impact of it will now be fully seen and it will be appreciated by even those who are otherwise unaware or unwilling to recognise the contribution.Mr Jaitley expressed hope that corporate will enter the charity in a big way saying that the Indian society is currently witnessing a passing phase or turning point. He said the best in the Indian society is yet to be realised. The Minister added that corporates are essentially obsessed with their cause but they are convinced about their cause. Under the new Companies Act, certain class of profitable companies are required to spend at least 2 per cent of their three-year average annual net profit for CSR activities.

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