The Ministry of Corporate Affairs (MCA) has issued a notification that contributions to the PM CARES Fund will be considered as part of Corporate Social Responsibility (CSR) of companies.
So far, only the Prime Minister’s National Relief Fund was eligible to receive CSR funding.
“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,” the ministry stated in a notification. This means donations by companies to the PM CARES Fund will now be eligible to be counted under their CSR activities.
This notification shall be deemed to have come into force on 28, March, 2020, it added.
PM CARES Fund, was made by the PMO on May 13, 2020. Rs 3,100 crore from the fund had been allocated for the country’s fight against COVID-19, of which approximately Rs 2,000 crore was earmarked for the purchase of ventilators, Rs 1,000 crore for the care of migrant labourers and Rs 100 crore was to be directed to support vaccine development.