New CSR policy for firms conducting sports activities for school students
The new policy states that companies can undertake activities such as strengthening sports facilities in kridha prabhodinis run by the governmentmumbai Updated: Nov 18, 2016 00:05 IST
Companies interested in conducting sports activities for school students as part of their corporate social responsibility (CSR), must now abide by a new policy, which the Maharashtra school education and sports department framed and introduced on Thursday.
A government resolution (GR) issued by the department states that a framework for streamlining such projects was necessary as various companies in Maharashtra are taking up CSR.
“Playing games is as important as education, for a healthy life. The Sports Policy declared by the government of Maharashtra in 2012 focused on fitness for all through sports. To invite participation of corporates in the sports sector, the framing of a CSR policy was under consideration,” reads the GR.
Under existing government rules, it is mandatory for companies with a net worth of Rs500 crore or more, or a turnover of more than Rs1,000 crore or net profit of more than Rs 5 crore to spend 2% of their average profit in CSR activities.
The new policy states that companies can undertake activities such as strengthening sports facilities in kridha prabhodinis run by the government, supporting training in or outside the country and providing medical and insurance cover to the players.
To co-ordinate these projects, the government has set up three steering committees at the state, commiserate and district level- to facilitate, coordinate and monitor the corporate sector and support activities in the state’s sports sector.
These panels will be headed by principal secretary of the department, commissioner of sports and youth services and the district collector. They will plan the CSR activities and ensure they are carried out according to the proposed plan, timeline and projected outcome.
First Published: Nov 18, 2016 00:05 IST