The awards are intended to encourage best practices in CSR and to recognise the efforts of companies that have utilised funds marked for CSR innovatively and effectively. Companies with a minimum net worth of Rs 500 crore, turnover of Rs 1,000 crore, or net profit of Rs 5 crore are required every year to spend at least 2% of their average profit for the previous three years on CSR activities.
The official added that the government wanted to create a "gold standard" of CSR recognition as the government had commissioned outside experts for verification of CSR projects.
" We started with 528 projects and brought it down 108 which were verified by 16 independent experts from Tata Insititue of Social Sciences, IIM-Bhopal and Delhi School of Social Work and IRMA.
The official added that the government had felt that there was a need to bring rigorous assessment to CSR recognition which may be lacking in existing CSR awards.
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