Reliance Industries CSR Policy

Reliance Industries CSR Policy: A Comprehensive Overview

RIL{Reliance Industries Limited ) is a focused and integrated Indian private conglomerate operating in different fields of the economy including Petroleum and Petroleum by-products, chemicals and petrochemical products, textiles, telecommunication and information technology, foods and beverages, insurance, etc. With being an appendage of a responsible corporate company RIL has a well-claimed Corporate Social Responsibility (CSR) policy statement that guides the company to seek sustainable solutions for societal issues for its sustainable benefits across different chunks of the society. The main idea of RIL’s CSR strategy is the delivery of enhanced living standards across different regions with key sectors that include rural, health, education, and environmental.

Objectives of CSR Policy

The primary objectives of Reliance Industries’ CSR Policy are:

1. Enabling Lives: Social welfare of vulnerable and disadvantaged groups of society and enhancement of the efficiency of social initiatives.
2. Empowering Livelihoods: The capacities to generate decent, productive and remunerative work leading to sustainable livelihood through skill enhancement, employment generation and entrepreneurship development.
3. Inclusive Development: Continuing the work of inclusive development, which ties urban and rural areas, enhancing interdependence.

Scope of the CSR Initiatives

RIL’s CSR activities focus on six primary areas of engagement:

1. Rural Transformation:
   • Can and should support farm and non-farm livelihoods.
     Water conservation which involves buildings and dams, rain water harvesting and development of community facilities.
     To deliver needful information using technology in order to improve standard living.
2. Healthcare:
   • Cost effectively efficient solutions for better and efficient health care that includes primary health care, secondary health care and tertiary health care.
     The health camps and medical consultancy services particularly in maternal, child health services.
3. Education:
   • Enhancing provision of quality Primary and secondary education. Empowering students for scholarships and skill development to help them improve higher education.
4. Environment Sustainability:
   • Apex goals such as environmental conservation through enhancement of biological diversity, promotion of conservation of energy through use of solar power and natural resources.
5. Protection of National Heritage, Art, and Culture:
   • Preservation and encouragement of originality and folk arts, crafts and culture.
6. Disaster Response:
   • A look at the administration of prompt rescue and recovery services to the recipients who are stricken by natural disasters.

Eligibility for CSR Projects

CSR activities being implemented by RIL are done directly or with assistance of other foundations, trusts and organisations having minimum three years experience in operation in the fields mentioned above. To ensure due diligence, RIL conducts a credibility check on the implementing entities it intends to work with.

Required Documents for Registration

To engage with RIL in its CSR initiatives, interested organizations or entities must submit the following documents:

1. Company Constitution. Registration Certificate if Section 12A registered under the Income Tax Act wherever applicable.Certified true copies of income and expenditure account and balance sheet for the last three years Audited by:.
   
   1.PAN Card and GST Certificate.
   2.It exemption certificate under Section 80G and Section 35
   3.(1), if any. Latest Form FCRA Return (if any, and FCRA Certificate in case it is applicable).
   4.Project Description that contain the proposed CSR practice.

Payment Structure and Budget Allocation

1. CSR Budget: The management of RIL hopes to spend not less than 2% of the average of its net profit for the last three financial years on its CSR activities in compliance with the Companies Act, 2013.
2. Surplus from CSR Activities: That is, any money that is filtrated out of the CSR activities is not inserted into the business profits of RIL as is common with usual business operations but will be channeled back to the CSR.

Tender Fees and Payment Ratio

But there is no provision regarding any particular tender fees on engaging in CSR activities as mentioned in their CSR policy document. The main principle of the implementation strategy is the enlistment of registered organizations with proven experience in the subject fields. The payment is then calculated based on the volume of work conducted on the various projects and though several assessments are conducted frequently.

Last Date for Submission

The various CSR activities keep running and are not time bound and RIL works with many others in that one year. As a result, the specific periods when organizations have to submit CSR project proposals are not provided. Those organizations that are interested may submit their bids and suggestions through the RIL contacts as and when those projects are advertised.

Through the CSR policy of Reliance Industries Limited is keen and dedicated towards integrated and sustainable development of the country. They are categorized across sectors of concern, which include economic, health, education, and environment. To this end, RIL interested in initiating sustainable positive changes in society while at the same time advancing its general business strategy through proper governance of its entity.

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