In Bengaluru, the industry leaders resolved to channelise funds for social cause under the Corporate Social Responsibility, CSR, provisions. The IT company representatives and real estate developers took this decision during a meet organized today by Federation of Karnataka Chamber of Commerce and Industry and Abhaya Foundation. It is estimated that big companies will contribute around 14,000 crore rupees every year as two percent of their profits towards the Corporate Social Responsibility. The Industry leaders felt that it is their fundamental duty to give back to society a part of their profit. They said it is the Indian custom since time immemorial to donate for the welfare of the community. They pointed out that companies which contribute for social welfare has a better public image and investors show greater trust in such companies. The President of Karnataka Chamber of Commerce and Industry Sampathraman however felt that Government should not have made it mandatory as industries already pay 36 percent of their revenue as taxes. He appealed to Prime Minister Narendra Modi to repeal the provisions of Corporate Social Responsibility and make it a voluntary exercise.