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MCA amends Schedule VII of Companies Act, 2013 by inserting ‘PM CARES’ as CSR [Read Notification]

Foreign Remittances - PM Cares Fund - tax - Taxscan

The Ministry of Corporate Affairs (MCA) on Thursday amended Schedule VII of the Companies Act, 2013 by inserting ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” as Corporate Social Responsibility (CSR).

The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic.

The Central Government issued the notification which said, “In Schedule VII, item (viii), after the words “Prime Minister’s National Relief Fund”, the words “or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” shall be inserted.”

This notification shall be deemed to have come into force on March 28, 2020.

To Read the full text of the Notification CLICK HERE
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