PM-CARES Fund Donations will be counted as CSR

Since 28th March 2020 when PM Modi announced the creation of PM-CARE fund to provide relief to the poor, Industries were asking the Govt to specify “Donations to the said fund should be counted as mandatory CSR Spends of companies”.

In this regard, Ministry of Corporate Affairs vide Notification dated 26.05.2020 amended the Schedule 7 of Companies Act, 2013 to provide that “Donations and Contributions to the PM-CARES fund will be counted for company’s mandatory CSR spending”.

Further, it has also been clarified that, this will have retrospective effect from 28th March 2020, therefore, all donations made to the PM-CARE fund will be eligible as CSR Spends. 

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