Contribution to PM CARES fund – eligible as CSR Spending

The MCA , vide its Gazette Notification No GSR 313(E) dtd 26th may 2020 has made a significant change in the CSR Spending claims w.r.t. Contribution to PMCARES fund.

As per this notification, the PM CARES fund is eligible to receive contributions from corporate social responsibility (CSR) corposus of Corporates.

Accordingly, changes have been made to Companies Act. This change would come into effect retrospectively from 28th March 2020.

Now, Schedule VII of the Companies Act specifically mentions that contributions to the PM Cares Fund would count towards a company’s CSR Obligations.

The relevant notification is provided below.

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