MCA includes PM Cares Fund in Schedule VII of Companies Act



Quick Summary
The Ministry of Corporate Affairs has officially amended Schedule VII of the Companies Act, 2013, to include the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). This amendment means that donations to the PM CARES Fund are now recognised under the same category as the Prime Minister's National Relief Fund for corporate social responsibility purposes. The notification is deemed to have come into force from 28th March 2020.

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 26th May, 2020

G.S.R. 313(E). - In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendment to Schedule VII of the said Act, namely:

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.

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

[F. No. 13/18/2019-CSR]
GYANESHWAR KUMAR SINGH, Jt. Secy.

Note: The Schedule VII was brought into force with effect from the 1st April, 2014 and was amended (effective from the 1st April, 2014) vide notification number G.S.R. 130(E), dated the 27th February, 2014, Corrigenda number G.S.R. 261(E), dated the 31st March, 2014, notification number G.S.R. 568(E), dated the 6th August, 2014, notification number G.S.R. 741(E), dated the 24th October, 2014, notification number G.S.R. 390(E), dated the 30th May, 2019, notification number G.S.R. 776(E), dated the 11th October, 2019 and Corrigenda number G.S.R. 859(E), dated the 19th  November, 2019.

FAQ :

The Ministry of Corporate Affairs has added the PM CARES Fund to Schedule VII of the Companies Act, 2013.

Schedule VII of the Companies Act outlines eligible activities for corporate social responsibility (CSR) spending.

It means that contributions to the PM CARES Fund are now officially recognised under the Companies Act for CSR purposes, alongside the Prime Minister's National Relief Fund.

This amendment is deemed to have come into force on 28th March 2020.

The funds mentioned are the Prime Minister's National Relief Fund and the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund).




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