In common parlance, the term ‘business ethics’ refers to the set/systems of principles and rules of conduct applied to business. In practice, the term has been used to describe the do’s and don’ts for business, the various things that business should or should not do, viz., not violating any law, avoiding unethical practices, making donations to charitable causes; taking up development projects in backward areas, paternalism towards employees, good public relations etc. However, the contours of business ethics have undergone a sea change over the past couple of years. Far from being a set of abstract do’s and don’ts for business, business ethics have come to represent a set of fundamental beliefs about business. The opinion is growing that business owes a debt to society and that it should repay it in a transparent and easily perceivable manner. No doubt, business - a social organisation cannot and should not be allowed to conduct itself in a manner detrimental to the interests of the cross sections of the society as also to the various constituents of business at large. This paper is focuses on Corporate Social Responsibility shifts towards Business Ethics.