Current Affairs – October, 2014

Latest Current Affairs October, 2014 with Current Affairs, news summary on current events of National and International importance of October, 2014 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Contributions made by corporate towards Swachh Bharat Kosh and Clean Ganga Fund to be considered as social welfare spending under Companies Act

The government has widened the ambit of CSR under the new Companies Act to include contributions made towards the Swachh Bharat Kosh (SBK) and the Clean Ganga Fund (CGF).

The contributions will count as being made for social welfare work.

Changes to the Companies Act

Companies having at least Rs 5 cr net profit, or Rs 1,000 cr turnover, or Rs 500 cr net worth  have to spend a minimum of 2% of their three year average annual net profit towards CSR from 2014-15. Schedule VII of Companies Act, 2013, lists the activities and endeavors that can count as CSR.

The Corporate Affairs Ministry has inserted the words ‘including contribution to the Swachh Bharat Kosh set up by the central government for the promotion of sanitation’ and  ‘including contribution to the Swach Bharat Kosh set up by the central government for the promotion of sanitation’ in Schedule VII of the Act through a notification.

Earlier, contributions made to the Prime Minister’s National Relief Fund was also included under Schedule VII. Any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women was also included under the schedule.

Swachh Bharat Kosh (SBK)

SBK was set up to attract CSR funds from the corporate sector and contributions from individuals and philanthropists. The funds accumulated in the SBK will be utilized to  achieve the objective of Clean India or Swachh Bharat by 2019 through Swachh Bharat Mission.

 Clean Ganga Fund (CGF)

The CGF was constituted to fund activities to clean and conserve the river, Ganga. The CGF also accepts voluntary contributions from NRIs and PIOs towards the CGF

The CGF will be managed by a Trust to be headed by the finance minister. The Secretariat of the Trust will be set up in the Ministry of Water Resources.

N. Gopalaswami to head Kalakshetra Foundation

The Union Ministry of Culture has named N.Gopalaswami as the Chairman of the governing board of the Kalakshetra Foundation. Gopalaswami is a former IAS officer belonging to the Gujarat cadre, and former Chief Election Commissioner. He will act as Chairman for a duration of five years.

His predecessor was Gopalkrishna Gandhi who resigned in May this year.

Kalakshetra Foundation

Kalakshetra was founded in 1936 by Rukmini Devi Arundale to nurture India’s artistic traditions. It is located in Besant Nagar, Chennai. It is a cultural academy that aims to presere the traditions of the Bharatanatyam dance form and traditional music.

In January 1994, the Central Government passed a legislation to recognize the Kalakshetra Foundation as an ‘Institute of National Importance’.

Kalakshetra’s current Director is Priyadarshini Govind.