PM CARES FUND IS NOW A CSR ACTIVITY
The COVID-19, public health issue crashes the nation and due to which the lock downs has been implemented not only in India whereas all over the world. The Government of India has implemented The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) to deal with the COVID-19 pandemic in India. This fund will be used to fight against the coronavirus and the similar things and emergencies in future. The funds enables the small donations as well and we can pay online even through PAYTM also.
With the introduction of PM CARES Fund, Ministry of corporate Affairs, Government of India vide memorandum has clarified that any contribution to any fund set up by the Central Government for social developments and economic development and relief qualifies as CSR expenditure. The PM CARES Fund set up to provide the provide relief to those affected by any kind of emergency or distress situation. Therefore under the Companies Act, 2013 it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure. This contribution comes under the item no (viii) of the Schedule VII of the Companies Act, 2013.
Therefore, it has been clarified that the contribution made in the PM CARES Fund is the CSR activities and eligible for the same. The link of the official memorandum is enclosed
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