MCA allows CSR Contributions towards PM CARES Fund
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The Ministry of Corporate Affairs (MCA) has allowed the CSR contributions by making changes to the Companies Act via notification dated May 26.
According to the notification issued on Tuesday, the change came into effect retrospectively from March 28.
Post this notification, Schedule 7 of the Companies Act specifically mentioned that contributions to the PM CARES Fund would count towards a company's CSR obligations.
"In Schedule VII, item (viii), after the words "Prime Minister's National Relief Fund", the words "or Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)" shall be inserted," MCA said. The new gazette notification will come into effect from March 28, 2020.
The PM CARES Fund was created by PM Modi on March 28 for contributions to government's relief efforts against the coronavirus outbreak.
The MCA had allowed contributions to the PM CARES Fund on March 28 as CSR expenditure. The government had also clarified that that contributions to Chief Minister's Relief Fund and State Relief Fund for coronavirus can't be claimed as CSR spending by companies. Now, PM CARES fund is eligible to receive contributions from CSR corpuses of corporates. #casansaar (Source - MCA, PTI)
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