MCA notifies PM CARES as eligible to receive CSR Corpuses of corporates as it amends Schedule VII of Companies Act, 2013 vide Gazette Notification dated 26th May, 2020 and included Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) in Corporate Social Responsibility (CSR) Activities under Section 135 of Companies Act, 2013.
The Ministry of Corporate Affairs 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 change would come into effect retrospectively from 28th March, 2020.
Post this notification, Schedule VII of the Companies Act specifically mentioned that contributions to the PM CARES Fund would count towards a company’s CSR obligations. The government had also previously clarified that contributions to Chief Minister’s Relief Fund and State Relief Fund for coronavirus cannot be claimed as CSR spending by companies.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 26th May, 2020
G.S.R. 313(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendment to Schedule VII of the said Act, namely:—
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.
2. This notification shall be deemed to have come into force on 28th March, 2020.
[F. No. 13/18/2019-CSR]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Note : The Schedule VII was brought into force with effect from the 1st April, 2014 and was amended (effective from the 1st April, 2014) vide notification number G.S.R. 130(E), dated the 27th February, 2014, Corrigenda number G.S.R. 261(E), dated the 31st March, 2014, notification number G.S.R. 568(E), dated the 6th August, 2014, notification number G.S.R. 741(E), dated the 24th October, 2014, notification number G.S.R. 390(E), dated the 30th May, 2019, notification number G.S.R. 776(E), dated the 11th October, 2019 and Corrigenda number G.S.R. 859(E), dated the 19th November, 2019.
