Lawstreet Journal

Contributions by The Corporations To PM CARES Fund Will Now Be Considered As CSR Activity [READ ORDER]

Lawstreet Journal 28 May 2020 10:01pm

Image courtesy: Lawstreet Journal Executive Contributions by The Corporations To PM CARES Fund Will Now Be Considered As CSR Activity [READ ORDER]

The Government of India has issued a notification amending Schedule VII of the Companies Act, 2013, through which now, the Contributions by the Corporations to PM CARES fund will now be Considered as Corporate Social Responsibility (CSR) activity. This notification was issued on May 26, 2020, and it will come into effect on May 28, 2020. 

Section 467 of the Companies Act, 2013 gives the power to Central Government to amend Schedules of the Act by notification. 

Section 135 of the Companies Act, 2013 lays down the scope of Corporate Social Responsibility under which every company having a net worth of rupees five hundred crores or more, or turnover of rupees one thousand crores or more or a net profit of rupees five crores or more during any financial year is required constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director has to be an independent director. 

SCHEDULE VII of the Companies Act, 2013 lists activities which may be included by companies in their Corporate Social Responsibility Policies Activities such as eradicating extreme hunger and poverty, promotion of education, promoting gender equality and empowering women, reducing child mortality and improving maternal health,  combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases, ensuring environmental sustainability, employment enhancing vocational skills and social business projects among the others. 

Contribution to the Prime Minister's National Relief Fund or any other fund set up by… Continue Reading...

Tagged: Corona Updates   PM Care Fund  
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