MCA amends Schedule VII to the Companies Act 2013, relating to CSR Policies Activities. Accordingly, the words “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” have been inserted in item No. (viii) of the said Schedule, w.e.f. 28 March 2020.
This amendment enables PM CARES Fund to receive contributions from Corporate Social Responsibility (CSR) Corpus of Companies, i.e. contributions to the PM CARES Fund would count towards a company’s CSR obligations.
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.
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.