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
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.
CSR activity
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.
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.
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.
Updated 09:52 IST, March 29th 2020