Kiren Rijiju to be handed over ₹1 crore cheque by SPMCIL for National Sports Development Fund

What's the story?

In what comes as a major boost to the constant rise of standards in Indian sports, the Security Printing & Minting Corporation of India Limited (SPMCIL) will be handing over a cheque of ₹1 crore to Sports Minister Kiren Rijiju as a part of their Corporate Social Responsibility (CSR) scheme.

The background

Corporate social responsibility initiatives aim to contribute to societal goals. These are of activist, charitable, or philanthropic nature. India has a mandatory minimum CSR spending law. As per the Companies Act of 2013, if a company has a turnover of ₹ 1000 crore of more or a net worth in excess of ₹ 500 crores or even a net profit of ₹ 5 crore, then it should spend an amount that is 2% of its net profit on Corporate social responsibility initiatives for the betterment of the society.

This rule has been in effect from 1 April 2014. While earlier the focus of CSR included developing hospitals and schools, the focus has now shifted to community development. India's largest corporations are also known for investing in CSR activities.

The heart of the matter

SPMCIL's cheque of ₹ 1 crore to the Union Youth Affairs and Sports Minister Kiren Rijiju will surely be put to great use. The amount will be added to the National Sports Development Fund (NSDF). SPMCIL's Chairman and MD Tripti Patra Ghosh also met the Sports Minister at his residence.

SPMCIL has also been listed as a Mini-Ratna Central Public Sector Enterprise (CPSE). Wholly owned by the Government of India, it is responsible for the manufacture/production of Security Paper, Bank/Currency Notes, Circulation & Commemorative Coins, Special Certificates with Security Features, and Security Inks. Other responsibilities include the refining of Gold and Silver as well.

The National Sports Development Fund (NSDF) was formulated back in 1998 and it has consistently imparted momentum to, assisting sports in the country. NSDF is vital for helping Indian sportspersons excel by providing them foreign coaches, psychological support, technical assistance, equipment, and exposure to international competitions. The Fund is also responsible for developing sporting infrastructure in the country.

What's next?

When Rijiju had been instated as the Sports Minister in 2019, he had mentioned that the government will be taking full support of the corporate sector to uplift sports in the country. It remains to be seen if other corporations follow suit after SPMCIL's assistance.