Centre Includes Corporate Funds Spent To Tackle Coronavirus Under CSR As Cases Cross 400

General News

Ministry of Corporate Affairs (MCA) on Monday, announced that corporate spending for various activities related to COVID-19 would qualify for treatment as CSR

Written By Suchitra Karthikeyan | Mumbai | Updated On:
Centre

In a bid to encourage corporate funds to tackle Coronavirus, the Ministry of Corporate Affairs (MCA) on Monday, announced that corporate spending for various activities related to COVID-19 would qualify for treatment as CSR. This includes the promotion of healthcare, preventive healthcare, sanitation, disaster management, as per a notification by the MCA. Currently, India's Coronavirus positive cases stand t 415, with 7 deaths. 

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Corporate CSR to include COVID-19 efforts 

“Keeping in view of the spread of novel Coronavirus (COVID-19) in India, its declaration as a pandemic by the World Health Organisation (WHO), and, the decision of the Government of India to treat this as a notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is eligible CSR activity,” the notification said.

As per the amended Companies Act, the Centre had made mandatory for companies to spend 2% of their average net profit of the last three years on CSR activities. The above suggestion was made by bodies like the Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The Prime Minister too has interacted with Indian industry leaders through video conferencing, over COVID19.

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Anand Mahindra offers compensation

Mahindra group's non-executive chairman Anand Mahindra announced that the group will be manufacturing ventilators and will offer its resorts as temporary care facilities. Moreover, the project team is to assist the Govt/Army in erecting temporary care facilities along with the aid of the Mahindra foundation. He also announced to contribute 100% of my salary to the company's COVID-19.

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Coronavirus crisis in India

As of date, 415 positive cases have been reported of the pandemic Coronavirus (COVID-19) with Maharashtra reporting the highest at 89. Seven deaths have been reported till date. India has suspended all visas and barred travel from Afghanistan, Philippines, EU, UK, China, Malaysia and mandatory 14-day quarantine from several other countries and shut down over 19 states have imposed complete shutdown.

India has also closed the India-Pakistan border and restricted passenger movement at the border with Bangladesh, Bhutan, Nepal, and Myanmar. The government is monitoring all suspected cases and issued preventive advisories with Bihar, Jharkhand, Karnataka, Maharashtra, Assam, Delhi, Kerala, Jammu - Kashmir declaring the disease an epidemic shutting down all educational institutions, monuments, parks, gyms, swimming pools, pubs and banning large gatherings.  - visit the official government here: MINISTRY OF HEALTH & FAMILY WELFARE

 

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