SHORT NOTE – CSR- CORONA – CoVID- 19 – Chief Minister Relief Fund
SHORT NOTE – CSR-
CORONA – CoVID- 19 – Chief Minister Relief Fund
Many Corporates &
Professionals has asked a question “Whether spent for CORONA or CoVID-19” shall
be considered as CSR u/s 135 of Companies Act, 2013?
Let’s Analyse this
question with Law: -
MCA has issued a clarification
on 23rd March, 2020 vide General Circular No. 10/2020, according to
such circular “spending of CSR funds for CoVID-19 is eligible CSR activity”.
Funds of CSR may be spent on
various activities related to CoVID-19 like:
· Promotion
of Health Care;
· Preventive
Health Care and Sanitation;
· Disaster
management;
· Any
other way for CoVID-19
One can opine that distribution Sanitizers, Masks
shall be considered as spending on CSR. Awareness programmes for CoVID shall be
considered as CSR Activity. Therefore, one can opine that spent for CoVID shall
be considered as CSR Activity.
Now the question arises:
Spending amount for
CoVID-19 by Corporates to Chief Minister relief fund can be recognized as CSR.
It is eligible as CSR activities under Companies Act, 2013?
As per above mentioned circular
issued on Monday, MCA clarified that CSR funds for CoVID-19 is eligible for CSR
activities. (Spent on CSR on any other way for CoVID-19).
Our Hon’ble finance minister
said, in view of spread of novel coronavirus in India, its declarations as
pandemic by the WHO, and decision of Govt of India to treat this as notified
disaster, it is hereby clarified that spending on CSR funds for CoVID-19 is
eligible for CSR activities”
Therefore, one can opine
that, Spending on CoVID-19 fund by any means, whether directly, through any
trust, through Chief Minister relief fund or through Prime Minister Relief fund
shall be eligible for CSR.
As all the
Corporates have to complete their spending on CSR on or before 31st
March, 2020 for the fy 2019-20. Therefore, it is requested to them to spend
such unspent amount of CSR for CoVID-19 to help the Country. Thank you so much.
Further, it is requested from all the professionals to guide the companies to
spent such unspent amount for CoVID-19.
A STEP TO HELP THE COUNTRY.
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