PM CARES fund : Fund shall qualify as CSR expenditure under the Companies Act 2013
PSUs under the Department of Fertilizers, Ministry of Chemicals and Fertilizers have donated more than Rs 27 crore to Prime Minister’s Citizen Assistance and relief in Emergency Situations (PM CARES) fund to fight COVID-19 pandemic.
Union Minister of Chemicals and Fertilizers Shri D. V Sadananda Gowda in a series of tweet said ,I am very much thankful to the CMDs of these companies for honouring my request to support the efforts of Government of India to fight COVID-19 .
Shri Gowda said , Fertilizer company IFFCO has contributed 25 crore rupees to PM CARES.I would like to thank IFFCO for its support .This will go long way in helping Government to combat Corona Virus and mitigate the impact of the outbreak.
Union minister also praised KRIBHCO which has released 2 crore rupees from its CSR fund to PM CARES .He said this will support the relief works carried out by Government of India in the wake of COVOID-19 outbreak.
Mentioning the contribution made by NFL-KISAN, he said, I am delighted to announce that a PSU under my ministry- has contributed 63.94 lakh rupees from its CSR fund to PM CARES. Thanks to CMD,NFL Manoj Mishra for his support.
Shri Gowda had urged all the profit making PSUs under his ministry to donate part of their CSR fund to (PM CARES) In a letter sent to CMDs of all the PSUs, Shri Gowda had said, Government of India is taking all possible steps to prevent spreading of the outbreak , however a public health situation of this scale requires concerted efforts from all sections of the society ,therefore I request you all to contribute maximum possible amount of your CSR budget to PM CARES.
He said, Government of India has set up the 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 and the Ministry of Corporate Affairs, has already clarified that any contribution made to the said fund shall qualify as CSR expenditure under the Companies Act 2013.