Center government amends companies act. PM cares funds to now get CSR funding

Certain amendments have been made by the central government for the PM CARES fund to receive fundings from the CSR that is corporate social responsibility funds of companies.

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The amendment made in the companies act 2013, under which it was stated by the Ministry of corporate affairs on May 26 that there will be a certain contribution under the list of activities which might be included in the CSR policies of the companies meaning that the donations by
corporates will be allowed for the PM CARES fund and will be counted under their activities.

This new change in the regulation will come into force from the 28th of May. the PM CARES the fund was initially started as a charitable fund with the objective to provide relief during the pandemic or any kind of arising emergency to the people. these donations are also qualified
under the 80G section of Income Tax as well as foreign contribution act,2010 for benefits and exemptions.

The only announcement for the PM CARES fund was made on May 13 by prime minister’s office for Rs00 3,100 crore which was allocated for the fight against coronavirus. Out of this 2000 crore was allocated for the purchase of ventilators, 1000 crores for the migrant labour, and providing them relief and 100 crores for the development of the vaccine for coronavirus.

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