Donations by companies to PM-CARES Fund notified as CSR, says govt

Finance Minister Nirmala Sitharaman had tweeted on March 29 that CSR Funds can now donate to PM CARES Fund

The Ministry of Corporate Affairs has finally notified that donations made by companies to the Prime Ministers Citizens Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) will be considered as expenditure on corporate social responsibility, PTI reported.

The ministry late on May 26 notified that it has amended Schedule VII of the Companies Act, 2013 by including contributions to PM-CARES Fund as valid CSR activity along with the earlier insertion of Prime Minister's National Relief Fund.

Under the Companies Act, certain classes of profitable entities have to shell out at least 2 per cent of their three-year annual average