Oil PSUs spent Rs.5582 crore under CSR

The Minister of State for Petroleum and Natural Gas, Shri Rameswar Teli in a written reply to a question in the Rajya Sabha on Monday informed that Public Sector Oil Companies have been earmarking 2% of their average Net Profits made during the three immediately preceding financial years as per Section 135 of the Companies Act and the CSR activities are undertaken under the heads identified under Schedule VII of the Companies Act 2013.

Public Sector Oil Companies have spent Rs.5582.34 crore under CSR in various parts of the country during the last three years (2018-19 to 2020-21). The State/project/activities-wise details of CSR activities undertaken and funds spent thereon during the last 3 years are available on the respective websites of the Public Sector Oil Companies.

Public Sector Oil Companies have been doing impact assessment exercise of some of their major CSR projects internally or through external agencies.  However, as per changes made in CSR rules by the Ministry of Corporate Affairs in January, 2021, it has been decided that impact assessment of CSR projects having outlays of one crore rupees or more, shall be undertaken through an independent agency. The impact assessment reports shall be annexed to the annual report on CSR.