Kathmandu, July 9 -- Amid growing concerns over the improper use of corporate social responsibility (CSR) funds, the Supreme Court has directed the government to formulate and register an umbrella bill in Parliament within two years to regulate CSR activities more effectively.

Currently, the Industrial Enterprises Act governs CSR in industries, while Nepal Rastra Bank has set rules for banks and financial institutions. Banks and financial institutions must allocate one percent of their net profit for CSR and spend it on the prescribed activities.

However, the division bench of justices Hari Phuyal and Nripa Dwoj Niroula has found it necessary to have an integrated law to streamline CSR activities. "The Ministry of Law, Justice and Parli...