May 27, 2020
Summary of the Notification issued by MCA on 26/05/2020
1. MCA amends Schedule VII of the Companies Act, 2013 to include ‘PM CARES Fund’ as an eligible CSR expenditure, with effect from 28/03/2020
Through this notification, MCA has now amended the Schedule VII of the Act, to explicitly include ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ as an eligible CSR expenditure under item no (viii) of Schedule VII of the Companies Act, 2013.
This is further to the clarification vide Office memorandum F. No. CSR-05/1/2020-CSR-MCA dated 28th March, 2020, which stated that Contribution made by a Company to ‘PM CARES Fund’ can be treated as a CSR expenditure under item no (viii) of Schedule VII of the Act, which enumerates Contribution to any fund set up by the Central Government for socio-economic development and relief as eligible CSR expenditure.