New Delhi: The government has made the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) eligible to receive contributions from corporate social responsibility (CSR) corpuses of corporates.
The Ministry of Corporate Affairs (MCA) has allowed the CSR contributions by making changes to the Companies Act via notification dated May 27. According to the notification issued , 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.
Posted Date : 29-05-20
Categories : PSU NEWS