Asian Paints Limited CSR Policy: A Detailed Overview
Asian Paints Limited is a leader in the paint industry, and its Corporate Social Responsibility (CSR) initiatives are deeply embedded in its core values of trust, fairness, and care. Through its CSR activities, the company aims to support communities near its operational facilities, ensuring social development while minimizing its environmental footprint. Asian Paints integrates responsible business practices to address societal and environmental challenges, contributing towards sustainable development through active employee involvement and focused CSR projects.
Objective of Asian Paints’ CSR Policy
The primary objective of Asian Paints’ CSR policy is to drive positive social change while promoting environmental sustainability. By leveraging its strengths, the company aims to create meaningful social impact in the following key areas:
- Health & Hygiene: Promoting public health and hygiene awareness.
- Education: Enhancing access to quality education for underprivileged groups.
- Water Management: Implementing projects that focus on water conservation and sustainable water management.
- Vocational Skills Development: Providing vocational training to underprivileged and unemployed youth to enhance their livelihood opportunities.
Scope of CSR Activities
Asian Paints’ CSR activities focus on a variety of sectors that align with both societal needs and the company’s expertise. These initiatives are designed to maximize the company’s contribution to community welfare and environmental sustainability. The main areas covered by the company’s CSR efforts include:
- Health & Hygiene: Programs aimed at improving healthcare facilities, providing sanitation infrastructure, and spreading hygiene awareness, particularly in underserved communities.
- Education: Scholarships, educational infrastructure development, and learning resources aimed at improving the quality of education for children and young adults in marginalized communities.
- Water Management: Initiatives focused on water conservation, rainwater harvesting, and promoting efficient water usage in rural and urban settings.
- Vocational Skills Development: Training and skill-building initiatives aimed at empowering youth with the skills necessary to secure employment or entrepreneurial opportunities.
Last Date of Event
The specific deadlines for submitting proposals for CSR projects vary depending on the nature of the initiative. Asian Paints regularly publishes calls for project proposals, and eligible organizations are encouraged to check their official website and other communication channels to stay updated on the latest events and deadlines. It’s essential for NGOs and other entities to submit all required documents and proposals well in advance of the last date to ensure participation in the CSR activities.
Payment Ratio for CSR Contributions
In compliance with India’s CSR regulations under Section 135 of the Companies Act, 2013, Asian Paints is required to allocate at least 2% of its average net profits from the previous three financial years towards CSR initiatives. This payment ratio ensures that a substantial portion of the company’s profits are invested in activities that contribute to the well-being of society. Asian Paints is committed to meeting or exceeding this threshold, depending on the scale and impact of the CSR projects undertaken.
Required Documents for CSR Project Participation
To participate in Asian Paints’ CSR initiatives, NGOs and eligible entities must submit the following documentation:
- RC/COI/Trust Deed: Registration Certificate or equivalent document for the NGO or trust.
- Bylaws/Memorandum of Association (MOA)/Articles of Association (AOA): Foundational documents of the organization.
- NGO PAN Card: Permanent Account Number (PAN) of the NGO for tax purposes.
- NGO Darpan Registration: Registration on the NGO Darpan portal, which is mandatory for engaging in CSR projects.
- 12A & 80G Certificates: Tax exemption certificates that allow NGOs to receive CSR funds.
- CSR-1 Registration: Mandatory CSR registration for NGOs under the Companies Act.
- Audit Balance Sheet: Audited financial statements for the last three financial years (FY 2021-2022, FY 2022-2023, FY 2023-2024).
- Income Tax Returns (ITR): Income tax filings for the last three assessment years (AY 2022-2023, AY 2023-2024, AY 2024-2025).
- Annual Progress Reports: Detailed reports of the NGO’s progress and activities for the past three years.
- Bank Account Details: Complete bank account information for receiving funds.
- Authorized Person’s Aadhaar and PAN Card: Identification documents of the authorized signatory.
- NGO Letterhead: Official letterhead of the NGO.
- Email ID and Mobile Number: Contact details for communication.
- Signature and Stamp: Official signature and stamp from the NGO for authenticity.
These documents help maintain transparency, accountability, and credibility in the disbursement and utilization of CSR funds.
Sectors of Focus in CSR Policy
Asian Paints’ CSR policy is focused on specific sectors that aim to create long-term social impact. These include:
- Health & Hygiene: Through initiatives like sanitation programs, healthcare camps, and infrastructure development, Asian Paints aims to improve public health standards.
- Education: The company supports educational programs that increase access to quality learning, especially for children from underprivileged communities.
- Water Management: Water conservation and management projects are prioritized to address water scarcity and promote sustainable water use.
- Vocational Skills Development: Skill development programs focus on equipping young people with vocational skills, helping them secure jobs or start businesses.
Tender Fees for CSR Projects
Asian Paints may charge tender fees for certain CSR projects, depending on the scale and nature of the project. However, these fees are generally kept minimal to encourage the participation of a wide range of NGOs and other eligible organizations. The tender fees are clearly specified in the project details and are transparent to ensure fair participation.
Conclusion
Asian Paints Limited has demonstrated a strong commitment to corporate social responsibility through its wide range of CSR activities. The company’s focus on health, education, water management, and vocational skills development highlights its dedication to creating a sustainable and inclusive future. By fostering community development and environmental sustainability, Asian Paints ensures that its business growth aligns with societal welfare. The transparent documentation process and tender procedures further emphasize the company’s commitment to accountability and responsible CSR practices.
