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No, a company can open a single special account, called ‘Unspent Corporate Social Responsibility Account’, for a financial year in any scheduled bank, to transfer the unspent amount w.r.t ongoing project(s) of that financial year. A company needs to open a separate ’Unspent CSR Account’ for each financial year but not for each ongoing project.
Contributions to the following funds shall be admissible as CSR expenditure:
(i) Swachh Bharat Kosh
(ii) Clean Ganga Fund
(iii) Prime Minister’s National Relief Fund (PMNRF)
(iv) Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)
(v) Any other fund set up by the Central Government and notified by the Ministry of Corporate Affairs, for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women.
If a company spends less than the amount required to be spent under their CSR obligation, the Board shall specify the reasons for not spending in the Board’s report and shall deal with the unspent amount in the following manner:
Nature of unspent amount |
Action required |
Timelines |
Unspent amount pertains to ‘ongoing projects’ |
Transfer such unspent amount to a separate bank account of the company to be called as ‘Unspent CSR Account’. |
Within 30 days from the end of the financial year. |
Unspent amount pertains to ‘other than ongoing projects’ |
Transfer unspent amount to any fund included in Schedule VII of the Act. |
Within 6 months from the end of the financial year. |
