The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic.
Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates activities that may be undertaken by companies in discharge of their CSR obligations, inter alia provides that contribution to any fund set up by the Central Government for socio-economic development and relief qualifies as CSR expenditure. The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, the ministry of corporate affairs has clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013.
The copy of office memorandum issued by the ministry of corporate affairs is linked.
This is issued for kind reference of members.
Note : Source of the above information is mentioned at the end of the message.
For any query/comment kindly contact concerned council of ASSOCHAM.
