The minister was speaking at the launch of National CSR Data Portal and Corporate Data Portal of the MCA. He said because of online availability of data, it has become easier to dissect any impropriety, including that of funds being channelled through shell companies. “Therefore this transparency is good for the system, good for corporate India, it’s good that your details to the extent that are to be made public, are being made public,” Jaitley said. With regard to corporates undertaking CSR activities, Jaitley said the 2013 amendment in the Companies Act has almost “formalised corporate philanthropy” in India. Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities. Jaitley said philanthropy in India, unlike in the West, was more family and community centric, religious groups and caste groups, social groups did it. “But corporate India didn’t have a structured manner of doing it.
Some did it on their own initiatives. Now even though the provisions have been incorporated persuade corporate India to move in that direction, so far I think there has been a fairly credible and positive response to it,” he said. Jaitley said a public gaze into the CSR activists through the MCA portal would further institutionalise and consolidate it.