Published 09:52 IST, March 29th 2020
Centre clarifies: Donations to PM-CARES fund for Coronavirus relief to constitute CSR act
PM Modi on Saturday launched the PM CARES Fund, where citizens can contribute to aid the government's efforts to combat coronavirus
Advertisement
Finance Minister Nirmala Sitharaman has anunced that any contribution made by a corporate towards PM-CARES fund shall be treated as a Corporate Social Responsibility (CSR) activity. development comes a day after PM Modi anunced PM-CARES initiative to combat coronavirus.
Advertisement
CSR activity
A circular issued on Sunday morning by Ministry of Corporate Affairs clarifies that under Schedule VII of Companies Act, 2013, any contribution made by companies to any fund set up by Central government qualifies under as a CSR expenditure and that any contribution made to PM CARES fund also qualifies for same.
Advertisement
PM Modi on Saturday launched Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), where citizens can contribute to aide government's efforts in supporting those affected by disasters - like COVID-19. This fund will provide relief to affected from any walk of life dealing with any kind of emergency or distress situation and PM Modi urged Indians to donate generously. It is chaired by PM Modi and includes Defence Minister Rajnath Singh, Home Minister Amit Shah and Finance Minister Nirmala Sitharaman.
Advertisement
On March 24, Prime Minister had anunced that country will be in a lockdown for three weeks effective that midnight. In an address to country he stated that in order to break contact chain and stop transmission of Coronavirus, it is important to stay at home and t venture out.
Advertisement
09:52 IST, March 29th 2020