- The central government has decided to allow companies to use their mandatory corporate social responsibility (CSR) spending on measures to fight COVID-19.
- The Finance Minister Nirmala Sitharaman on Monday (23/03/2020) confirmed that spending of CSR funds for COVID-19 is eligible CSR activity.
- As per the clarification issued
- "Keeping in view of the spread of novel coronavirus in India, its declaration as a pandemic by the WHO, and the decision of Government of India to treat this as a notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is an eligible CSR activity."
- "Funds may be spent for various activities related to COVID-19 relating to the promotion of healthcare, including preventive health care and sanitation and disaster management,".
- According to the Companies Act, firms with a net worth of Rs 500 crore, or turnover of Rs 1,000 crore or net profit of Rs 5 crore or more, are required to set aside 2 percent of their average net profits over the last three years on corporate social responsibility activities.
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| [Copy of the Circular.] |
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