Centre clarifies: Donations to PM-CARES fund for Coronavirus relief to constitute CSR act

Finance Minister Nirmala Sitharaman has announced that any contribution made by a corporate towards the PM-CARES fund shall be treated as a Corporate Social Responsibility (CSR) activity. The development comes a day after PM Modi announced the PM-CARES initiative to combat coronavirus. READ: Centre Issues 3 Months Advance Medicines To Chronic Cases; ICMR Rules Out Random Testing CSR activity CSR Funds can now donate to PM CARES Fund. Ministry of Corporate Affairs notifies details. — Nirmala Sitharaman (@nsitharaman) March 29, 2020 A circular issued on Sunday morning by the Ministry of Corporate Affairs clarifies that under Schedule VII of the Companies Act, 2013, any contribution made by companies to any fund set up by the Central government qualifies under as a CSR expenditure and that any contribution made to the PM CARES fund also qualifies for the same. “...any contribution made to the PM CARES Fund shall qualify as CSR expenditure...” https://t.co/ZpQRcpXg3I pic.twitter.com/t7oZ6jXXU0 — Nirmala Sitharaman (@nsitharaman) March 29, 2020 READ: PM Modi Launches 'PM CARES' Fund To Aid Anyone In Distress Amid Coronavirus Lockdown PM Modi on Saturday launched the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), where citizens can contribute to aide the government's efforts in supporting those affected by disasters - like COVID-19. This fund will provide relief to the 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. READ: Tata Trusts Pledges Rs 500 Crores For PPEs, Testing Kits As India Battles Coronavirus On March 24, the Prime Minister had announced that the country will be in a lockdown for three weeks effective that midnight. In an address to the country he stated that in order to break the contact chain and stop the transmission of Coronavirus, it is important to stay at home and not venture out. READ: Reliance Sets Up India's First COVID-19 Dedicated Hospital In Mumbai

Advertisement

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